Earlier today, we released BuddyPress 1.5.3, with a number of fixes related to WordPress 3.3+. Shortly after release, a number of users let us know that one of these fixes – related to users changing their passwords – had uncovered a more serious bug with the way settings are saved. BuddyPress 188.8.131.52, available immediately, fixes this bug.
One the one hand – boo to Boone for letting the bug through! On the other hand – many thanks to blindMoe, luccame, and johnjamesjacoby for their help isolating and fixing it in very short order.