Experience with Drupal 7 Install Profile "How to Write a Drupal 7 Installation Profile": http://drupal.org/node/1022020

Any experience with this (good or bad)?

The link above references the ability to create an installation profile. Question is, how much can it do?

The real objective is to be able to put everything into code (and version control) that defines the website; permissions, OG field group settings, you name it.
And then use that as a routine production path from dev, to stage, to production.

I've heard theory that this technique could be used to not only establish a site, also as a vehicle for migrating from the dev environment, to staging, to production.

Clearly, there is a benefit to be gained by an organization like Pressflow to be able to build a preconfigured base distribution. But, how viable is this technique for routine website updates and maintenance?
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.