We’re a little bummed that we didn’t get to launch with 1.2, but during full-blown development (we contracted a small firm to have this version developed) 1.1.3 was the only stable version. There’s a lot of custom work above-and-beyond WPMU & BuddyPress design-wise, so I’m pretty sure 1.2 would break the theme. I’ll have to install a clone soon to see exactly what will happen when we apply the upgrade to 1.2.
We’ll be looking for a developer to join our team soon, but its slim pickings right now (how many people want to join yet another web startup with a barebones budget?). Hopefully we’ll get lucky and find someone passionate about our product!
Down the line there are a ton of things we want to add, especially in the forums department (BP forums are severely lacking in comparison to offerings like IPB, etc). Even rich text options are missing right now, let alone the ability to insert images and embed video — there may be plugins out there but I’m not aware of any right now that work for 1.1.3.
There does seem to be a lot of wasted space at the top, but we plan to sell direct ad-space that spans the entire width of that header portion (much better CTR & visibility than banner ads which most people ignore). I think taking down the text over the headline image would cut down that space a little… probably by 25px give or take. I’ll try that out and see if it helps.
Personally, I would hate to have the banner ad be on the same “line” as the site logo, so I’m not going to move it down, but I’ll think about how to reduce the header space.