I too am looking to create a link in the Appearance > Menu area of WordPress to a users profile and also messages area. I am using Buddypress 2.0.1 and do not see how this is done. My Menu area does not have a buddpress links option here or in the theme options?
I to am interested in this. Any update on this? I have buddypress working on my multi-site but it only works on the main site and then on my subdomains I just get an 404 error if you click on members for example on a subdomain – so does it setup the buddypress across the network or per site on the network? I am googling and trying things but not fully understanding what it will do in a multi-site setup on 1.2.9