Profiles still have their uses.
De-Valued does not = Zero Value
If sites get de-indexed, then I will put my prices up a LOT and sell my system as a "competition killer". That will NEVER happen.
There are a few things to consider regards sites that lost value promoted only with profiles:
1) Never rely on one link type (unless they are really high quality organic). Never rely on one "grey" link type is what I should have said
2) Profiles have always been a numbers game - high volume low quality. Any algo changes that lean away from that will have a negative impact
3) A lot of people think that the positive effect of profiles had more to do with IP diversity than the actual "juice" from these links, though that is pure conjecture, it is an interesting point to consider... that being that Google changed the way IP diversity was treated
4) There is a strong correlation beween low quality sites and over reliance on low quality automated links, and Panda essentially seemed to be aimed at weeding out junk sites and content it would follow that these kind of sites got zapped
Im not trying to say profiles are "good quality" links when clearly they are bottom of the pile, but neither are they "useless".
Nor am I trying to say that profiles are as effective now as they were, when clearly, since Panda profiles are generally less effective.
What I am saying is that they still have their place, but you have to know how to use them in conjuntion with other stuff.
Sending thousands of links direct to your site wont do much. Sending a smaller number direct to your site and more to sites that link to you... in conjuntion with other types of link building is a more effective / hollistic approach.
My final word on this is that "profiles are what they are", you either use them or leave them on the table. As a rule, I dont like leaving anything on the table.