BuddyPress.org

D Cartwright: I’m getting the My Blogs menu, anyone else see this?

Bpisimone: You are free to use bp-default as a parent theme, my plan is to make a couple of basic child themes and add them to the theme repository as examples for people.

If you already have a child theme based on bp-sn-parent then there isn’t really much need to “update” it, since it will still be fine for 1.2 and get updated properly.