Re: IMPORTANT — Plugin Devs – Read this
Using plugins loaded still does not promise that the user has BuddyPress installed on their site and activated on that particular blog, so you will still want to do the check for BP_VERSION.
It’s a dizzying setup, trying to make plugins off of plugins that may or may not be there, or are there but just aren’t loaded yet, or are loaded before yours because another plugin force loaded it out of order.
Going forward from BP1.2, we can avoid all of those issues. Remember too that bp_init has priorities too. If you need to make sure your plugin is loaded before any other BuddyPress extensions are, you can prioritize it’s load the same way as any other WordPress action.