TO resolve this all you should have to do is create a copy of your index.php file, rename it home.php, and upload it to your theme folder and it should work.
I had the same issue when upgrading last night. I think BuddyPress requires there to be a home.php file and once you do what I outlined above everything should be normal.
If anyone else has this problem, it worked just as gogoplata said. Thanks for actively helping out. Much appreciated…
This is a bug – it shouldn’t need a home.php, but I know why this is happening – can you file a ticket?
Did anyone file a ticket for this yet? Luckily there’s an easy workaround but if no ones filed one yet I’ll put it up tomorrow.