Community Builder 1.2.2 has just been released and is a recommended upgrade as it further strengthens security aspects of Community Builder.
This is done even though there are no known vulnerabilities in Community Builder 1.2 and Community Builder 1.2.1 releases.
JoomlaPolis would also like to remind you that if you still have older Community Builder 1.0 or Community Builder 1.1 releases on your websites you really need to upgrade them to Community Builder 1.2.2. The 1.2.2 upgrade process is painless, especially on Joomla 1.5 environments where you can just install over existing releases without losing any parameters or plugins.
Community Builder 1.2.2 also has some additional benefits like fully translatable administration area, PHP 5.3 compatibility as well as 70+ minor bug fixes.