BuddyPress.org

>> text above the status update box that says something like “What’s New?” so members know to click in there.

>> I would like to know how to get that back?

@39images @bphelp for that specific item

1. create a new folder named buddypress in your active WP theme

2. within that buddypress folder you created, create a folder named activity

3. download https://buddypress.trac.wordpress.org/browser/trunk/bp-templates/bp-legacy/buddypress/activity/post-form.php and place it in your new activity folder like so:
wp-content/themes/NAME-OF-YOUR-WP-THEME/buddypress/activity/post-form.php

4. Open up post-form.php. On line 21 https://buddypress.trac.wordpress.org/browser/trunk/bp-templates/bp-legacy/buddypress/activity/post-form.php#L21 insert http://pastebin.com/z8e7xyRZ

5. Add the following to your theme’s stylesheet:
#whats-new-form p {
margin-left: 70px;
}