Did some investigation on the issue and here’s what I found.
BP creates a dummy post with ID=0. This throws off WLM.
WLM does not make use of template_redirect. Instead it uses the following filters: taxonomy_template, page_template, single_template, category_template, tag_template. This means that WLM’s redirect happens after BP creates the dummy post. So far, hooking to this filters work until the update.
Does anyone know why BP has to create a dummy post with ID=0? Just thinking that this might also affect other plugins (though I know none at the moment except WLM)