BuddyPress.org

I was wondering about this too, though it’s not a high work priority right now. You’ll no doubt know that setting up a Home page in WP admin and pointing to it in Reading Settings works fine. As to making it show one or the other depending upon whether someone is already registered or not… I don’t know. Probably easy in the custom theme templates, using a function something like _is_user_registered or whatever (there must be something like that).