Confirming here too, that “Admin” section does not appear on the dashboard, as such not allowing me to modify the default categories – and with that defeating the purpose of the plugin for me.
WordPress version 3.5
BuddyPress version 1.6.3
BuddyPress Links version 0.7.1
Additional plugins in use (and no, deactivation of these does *not* help):
Delightful Downloads version 1.0.1
bbPress version 2.2.3
BP Bookmarklet version 1.1
Unless someone shows me a workaround or the problem gets solved, it looks like this extension is not compatible with this setup.