Google Profiles is a new feature in Google that allows you to create a page and be found online much faster and easier. I guess there are two ways to look at this. The first is that when you want to be found (looking for a job, starting a business, etc), this is a great way for you to move up in searches. The other side of this feature, however, is the potential "Big Brother" effect of Google owning your profile. Could this be used to control what you see? Probably, but it will most likely only effect the advertiesments and features that are marketed to you while using their other tools.
Althought it's in it's infancy Google profiles could easily grow into a resource similar to LinkedIn. So if you want to establish your digital presence, Google Profiles should be one of the best ways to do that, especially of you have common last names like Jones or Smith, etc.