Yes, it is one of two membership plugins I know of that work with Buddypress (and it does as much better job of it). I just discovered this plugin recently, and I have fallen in love with it. It is the most robust and developer friendly membership plugin I have seen. Here's a little list of reasons why I like it best:
- It uses the native processes WordPress and Buddypress use for registration. One of the biggest pitfalls most other plugins make, is they monkey with the registration process (which is usually why they don't work with Buddypress).
- Uses WordPress' database tables for a seamless integration. Many of the other membership plugins use their own database tables to store information, which is not ideal when you start adding other features (and other plugins) to your site
- Provides several PHP conditionals you can use in template files. Some of the other plugins also do, but they don't provide as many to work with.
- Integrates with any existing Affiliate software that supports pixel tracking (all the ones worth using), which also makes it easy to integrate with Google Analytics. Most of the other membership plugins want you to use their "affiliates" plugin as well, so they don't leave the door open for you to use anything you want/need.
- It isn't encrypted. Most of the premium membership plugins are, and you are stuck with their support team (in my experience, usually poor support) for any issues you need to fix/debugging you need to do.
- It's FREE. The only plugins that compare to S2 Members feature set are $150+
In case you were wondering :)