Extract that might assit: [http://bpdevel.wordpress.com/2012/03/16/profile-field-visibility-in-bp-1-6/]

While the visibility filtering does not happen at the template level itself, the markup that allows users to modify profile visibility does require theme-level changes. The two key files are: /members/single/profile/edit.php (see the block beginning if ( bp_current_user_can( ‘bp_xprofile_change_field_visibility’ ) )) and /registration/register.php. In each case, you should be able to simply copy and paste the relevant blocks from bp-default; if you need to support older versions of BP, you may want to wrap it in a if ( function_exists( ‘bp_xprofile_get_privacy_levels’ ) ) check. Note that if your theme does not provide the proper markup for users to customize their profile field visibility, fields will default to the admin-provided visibility level, which itself defaults to Public. Thus, the feature degrades gracefully in the absence of theme support.

Thanks Helen.

Please keep us posted as to when the new verison will be available.

Thanks

Tom