It was supposedly supposed to make the site more efficient and easier to navigate or some bull like that. And I miss the profiles too. All I know is that you can see your own, from the old Mibba. I don't know if anyone else can.
That's exactly what I said when I was explaining it to my friend. Facebook is already pissing people off, other sites don't need to be like them. The original way seemed so much simpler.