I was just testing Buddypress 1.7 beta with Pagelines 2.4 as they (Buddypress) were claiming it works with every theme 'out of the box'. It actually does a pretty good job. However, there is a problem when running Pagelines in blog magazine mode. I believe Buddypress 1.7 uses the content filter to integrate with wordpress. When running Pagelines in magazine layout mode, the Buddypress content also gets displayed in a magazine layout.
Just so you know. Maybe this could be fixed before the official release in march?