I did change the url that was /forums/ to /community/ in bbPress, because that was already taken up by Buddypress, even though the forums weren’t completely set up.
Yep it does – works for everything: Posting new stories in the blog. Commenting on other people’s profiles. Making groups, etc. The only thing it doesn’t work for is the forum.
If it helps, I literally installed Buddypress from within the latest version of WordPress and I installed the stand-alone bbPress forums from within the Buddypress forum settings.