Index: bp-themes/bp-default/activity/activity-loop.php
===================================================================
--- bp-themes/bp-default/activity/activity-loop.php	(revision 3484)
+++ bp-themes/bp-default/activity/activity-loop.php	(working copy)
@@ -22,7 +22,7 @@
 
 	<?php endwhile; ?>
 
-	<?php if ( bp_get_activity_count() == bp_get_activity_per_page() ) : ?>
+	<?php if ( bp_activity_has_more_items() ) : ?>
 		<li class="load-more">
 			<a href="#more"><?php _e( 'Load More', 'buddypress' ) ?></a> &nbsp; <span class="ajax-loader"></span>
 		</li>
Index: bp-activity/bp-activity-templatetags.php
===================================================================
--- bp-activity/bp-activity-templatetags.php	(revision 3485)
+++ bp-activity/bp-activity-templatetags.php	(working copy)
@@ -316,6 +316,16 @@
 		return apply_filters( 'bp_get_activity_pagination_links', $activities_template->pag_links );
 	}
 
+function bp_activity_has_more_items() {
+	global $activities_template;
+	
+	$last_displayed_activity = floor( $activities_template->total_activity_count / ( $activities_template->pag_num * $activities_template->pag_page ) ); 
+	
+	$has_more_items = (int)$last_displayed_activity ? true : false;
+	
+	return apply_filters( 'bp_activity_has_more_items', $has_more_items );
+}
+
 function bp_activity_count() {
 	echo bp_get_activity_count();
 }