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Is 'profiles' "ready for prime time"?

Absolutely, more or less. In theory, this is a stable, bug free release (see knwon issues under the "Other Notes" tab). In actuality, there may still be a few bugs, but all the major features should work.

It should be noted the image watermarking is still somewhat experimental. It usually works, but some php installs cause it to flake out. This is under investigations, but is not considered a priority for the version 2.0 release.

Why version 2.0? What about 1.0?

The various versions which have lived at Mr|Tots and other sites over the years were never released to the public, still there was a codebase, different from the current incarnation, hence, I have chosen that this is version 2.0.

Where can I get help?

Either post a topic in the plugin support forum here (I try to stay up to date), or post a comment on the plugin page.