@vincole I am also a BuddyPress convert too but I also was WordPress fan back before version 2. BuddyPress has come a very LONG way in a very short period of time. Because of the extensible nature of WordPress no two install need be the same. It’s an awesome piece of code!
Now in 100% honesty THE ONLY comparable software out there is SocialEngine. It’s funny though because they are in the midst of a big rev too, and I know that they are really looking at BuddyPress and looking at ways to out run and gun it. I would say if you are looking for an alternative to BuddyPress that is really the only good option.