Menu view does not render when editing profile2 profile
The issue here ended up being that Drupal considers the page where a user edit's his profile in Profile2 an "admin" page. And, as of this writing, menu_views.module (line 159) does not process menu views on admin pages. This has been reported to the module in the form of re-opening http://drupal.org/node/1790444. 

Hopefully this helps somebody else as this was a very tough one to trace down.