Index: bp-themes/bp-legacy/buddypress/activity/entry.php
===================================================================
--- bp-themes/bp-legacy/buddypress/activity/entry.php	(revision 6426)
+++ bp-themes/bp-legacy/buddypress/activity/entry.php	(working copy)
@@ -101,7 +101,7 @@
 						<div class="ac-textarea">
 							<textarea id="ac-input-<?php bp_activity_id(); ?>" class="ac-input" name="ac_input_<?php bp_activity_id(); ?>"></textarea>
 						</div>
-						<input type="submit" name="ac_form_submit" value="<?php _e( 'Post', 'buddypress' ); ?>" /> &nbsp; <?php _e( 'or press esc to cancel.', 'buddypress' ); ?>
+						<input type="submit" name="ac_form_submit" value="<?php _e( 'Post', 'buddypress' ); ?>" /> &nbsp; <a href="#" class="ac-reply-cancel"><?php _e( 'Cancel', 'buddypress' ); ?></a>
 						<input type="hidden" name="comment_form_id" value="<?php bp_activity_id(); ?>" />
 					</div>
 
Index: bp-themes/bp-legacy/css/buddypress.css
===================================================================
--- bp-themes/bp-legacy/css/buddypress.css	(revision 6426)
+++ bp-themes/bp-legacy/css/buddypress.css	(working copy)
@@ -485,6 +485,9 @@
 	margin-left: 50px;
 	padding-left: 15px;
 }
+#buddypress div.activity-comments form div.ac-reply-content a {
+	text-decoration: none;
+}
 #buddypress .acomment-options {
 	float: left;
 	margin: 5px 0 5px 40px;
Index: bp-themes/bp-legacy/js/buddypress.js
===================================================================
--- bp-themes/bp-legacy/js/buddypress.js	(revision 6426)
+++ bp-themes/bp-legacy/js/buddypress.js	(working copy)
@@ -601,6 +601,12 @@
 			}
 		}
 	});
+	
+	/* Link for cancelling comment forms */
+	jq('.ac-reply-cancel').click( function() {
+		jq(this).closest('.ac-form').slideUp( 200 );
+		return false;
+	});
 
 	/**** Directory Search ****************************************************/