Re: WordPress MU 2.8.1 Released
Short answer: theme error is complicated. I’m writing up a Trac ticket and will put the link here later.
Workaround: duplicate your /bp-member/* folders into /wp-content/themes/. This will populate the correct info in the drop-down box. Once this issue is fixed, you can remove the duplicates from /wp-content/themes/.
FYI, you can also trick this with a link.
$ ln -s ../bp-themes/THEMENAME THEMENAME
Worked great When you’re done, delete the link.