I’m not sure when 1.2 final will be out. The revisions of the release candidates moved by quickly, so one can hope it would be soon?
If you’d like a BP 1.2.rc3+WPMU tester, drop a message.
Also is https://wordpress.org/extend/plugins/buddypress-links/download/ the place to look to if there are revised betas coming out (say 0.4-beta for example)? Keep up the great work!