Don't knock the guy for wanting something simplified! Profiles could be useful... Profiles can help the forgetful person from interrupting a meeting or conference call by automaically placing a cell phone to silent at 8am each day during the week when that person arrives at work. The iPhone alarm clock let's you set multiple alarm times and days of the week that it will work, so I don't think it would be bad to have the capability for other iPhone functions. Honestly, I can't have my cell phone ringing out loud at work, but the vibrate motor is pretty weak in my opinion and I don't notice it vibrating in my pocket most of the time so I often miss calls. Profiles would be helpful in those types of situations so I wouldn't have to worry about remembering to turn the ringer or silent switch off/on for those specified times like when I'm at work or when I'm usually sleeping.
And waking up month old arguments I see?
But you do have a point about that. I think there is a great place for them rather than every time you change settings having to make a bunch of switches all over the place in different settings menus. Simply setting a profile and having quick access would be very useful.
In the meantime, the jailbreak community has already done this.