Index: modules/profile.module
===================================================================
--- modules/profile.module	(revision 5662)
+++ modules/profile.module	(working copy)
@@ -395,6 +395,7 @@
  */
 function _profile_update_user_fields(&$fields, $account) {
   foreach ($fields as $key => $field) {
+    unset($fields[$key]->value);
     if ($value = profile_view_field($account, $field)) {
       $fields[$key]->value = $value;
     }