Although the announcement has not yet been published on the BuddyPress blog, the release history page on the site has been updated to show the changes in version 1.2.2. A number of bugs have been fixed such as:

• Fixed inconsistencies with new account activation between WordPress MU and standard WP. All new accounts must now be activated to confirm a valid email is being used.
• Fixed problems with table generation when MySQL strict mode is enabled.
• Fixed issues when visiting pages with restricted access via notification emails when the user is not logged in.
• Fixed bugs with saving empty valued profile fields with multiple options, even when they are not required fields.

You can get the new version from the download page.