Experience with Drupal 7 Install Profile
I have 1 site in production (re)built every academic quarter off of an installation profile. I have various sites in development I am building using installation profiles.

It's a PITA to try and include content into an install profile in my opinion. It seems to be a great way to code up the functionality of a website. But I still rely on a BASH build script and Drush to run additional import stuff -- and tools just as Migrate, Taxonomy_csvimport and backup migrate to move "content" around places.

I do like "building" the site codebase using an install profile and would recommend the Profiler module to help you along. You can do alot with install profiles.