Im checking all the feature of jomsocial after upgrading to 3.2.1 into my loacalhost but user activation email sending wrong information.
in Username info its sending site url and in password its sending username.

and no notification not being sent to admin when new user register "Receive System emails is on" for the admins.
Here is the screen shot of email we r getting now

before fixing the we can not upgrade our live site:

Hi.

Please provide us with working administrator credentials.
I can't login to your site.
Please, edit your first post and add credentials to corresponding fields.

Also try to upgrade to current version of JomSocial -> 3.2.1 and check if issue persist.