Any way to set profile pic using FB  for Android App (1.8.1 on ICS)? I've resorted to the FB Mobile site which isn't a bad compromise really, but I was going a little crazy trying to find the option within the FB App, just wondering if it exists?
Yes, there is a way to do so in the mobile app.

I am using Facebook App Version 1.8.1 on a Motorola Droid 3.

The process I did to set a picture as my profile picture was as follows:


Started Facebook
At the top left there was an icon with 3 horizontal dashes that brings up the different sections of Facebook, I browsed down to the "Photos" section under Apps.
I selected a photo out of my list of Photos (It would not let me select the option on anyone else's photo; so I assume it must be one uploaded into your account).
I used my phone's physical Menu button to open the Facebook menu.
I hit the "More" arrow button to list more options in the menu. One of these extra options was to "Make profile picture"


It  may be slightly different on your device; however it is possible to do this in the latest Facebook version on the desired photo.