I’m using the latest versions of WP, BP, rtmedia plugin & Xphoria theme http://themeforest.net/item/xphoria-buddypress-theme/6142548.
When I click the upload link under the buddypress profile media tab; it doesn’t show media upload area. First I thought this issue is coming from the theme. But same thing is happened with the Buddypress default theme. Anyway, I would like to verify from your end; whether this is a plugin issue or not, before contact the theme author.
Note : I tested this in a multisite enabled environment.