The signalling is done between the ip phone and the BCM, even for two IP phones ringing each other.
However, when two IP phones have a conversation, the audio packets are sent directly between the phones (not through the BCM) even though the signalling goes through the BCM.
So, with wrong routing/gateways set up, the IP phones can ring each other (and talk to digital phones no problem) but no audio will work or you can get one-way audio.
Can you tell us the IP address, subnet mask and default gateway on each IP phone?
Are they at the same location or different locations?