What else have you changed? BP 1.2.6 didn’t touch anything to do with bbPress which, as always, runs as a stand-alone component. Have you tried disabling all other plugins in case it is a conflict? Are you using the two-click integrated install or an external installation of bbPress?
yes i have confirmed also this same effect with theme developer which has minimal plug-ins installed that the bp admin capabilities are also not there on his install. switching to the bp default also does not restore them. we are using the two-click integrated install.
just to be clear what’s missing cause it isn’t everything. normally in the bp adminbar a keymaster should see all of the same functions a site admin does on the front end at least. also they had the ability prior to this version to admin or see any group including hidden ones.