I tried the 1.2 beta and have hit a snag with the "recent activity." So you can see what is going on, try this link.
I am running Whitebox Enterprise Linux 3.0.
PHP 4.3.4 with the Zend Optimizer
The specific error that shows up instead of recent activity is
"Warning: print_recent_activity(/var/www/html/moodle2/mod/attendance/lib.php): failed to open stream: No such file or directory in /var/www/html/moodle2/course/lib.php on line 604"