I’ve looked at how the content in the stream could be displayed and have 2 suggestions:

@karmatosed,
I prefer the second. It requires one click to execute an action and what is allowed is what can be seen. Nothing is hidden in a dropdown field.
Something to consider: Today, not all avatars are the same size in the stream. Would this enforce a standard size, even for replies?
@Quinty: All ‘first’ avatars are in BuddyPress the same size currently so there is no issue with that.
What size is that? They would need to be huge to accommodate 4 buttons below them and the first option just ads more code.
@FIQ: There is no size in anything set yet. You are as has always been mentioned welcome to add some wireframes if you have other ideas.
Judging by the feedback the following is the suggested entry format:

I like. For a stream made from only one user’s content (e.g. user profile activity stream), we can probably not show a version where the avatar isn’t displayed.
Yes absolutely, variations should in principle be easy in this format. I will try and grab some time to mockup a few versions.
Some suggested mockups for various stream items.

@karmatosed,
I still like your first of the three (with perhaps, the following addition: add the “whatever” avatar next to the name of the “whatever”). In your mockup, the group avatar next to “xyz”. With regard to what Paul mentioned, I know that I’m surfing member profiles and I would expect other members would do the same. If a member’s stream is highly active, then not including the avatar(s) would force the surfer to read who executed an activity. It’s just more work for the surfer to prioritize whom to pay attention to. To be quite honest, that’s how I prioritize my choices in this forum… by avatar, then topic, most of the time.
I imagined that a member activity page will still be on a page that also has a common header, e.g. with a big avatar 
After the discussion in the developer chat here is a mockup of the simplified stream:

Additional functions: Like/Dislike?
Out of scope. Activity has favouriting, and that will continue.