BuddyPress.org

Point 1 – No one has tackled this yet.

Point 3 – http://manojkumar.org/bppicture-album-plugin-for-buddypress/

As DJPaul has said, this is a 3rd party plugin, which isn’t an official BuddyPress component, but does a good job. An official BuddyPress album plugin is in the works.