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PLEASE-PLEASE-PLEASE migrate Content Profile to D7 !!!!
as someone who has been with Drupal since D4 and D5 I can't stress this enough! Working with Profile2 is a NIGHTMARE. I don't want to begin to describe the limitations of Profile2 over Content Profile... they are numerous...
If profiles are not nodes, you can't comment on profiles, so fivestar reviews, wall posts etc are out of the window (yes, you can substitute with modules like Reply and Guestbook, but they are not Comments and they don't really work all that well... plus the upgrade path from D6 is inexistent).
If profiles are not nodes, Location Gmap doesn't work (the situation with Location CCK module in D7 is in nightmarish state - they are working on 7x-4x and 7x-5.x, while the issue queue is loaded with 700 unresolved issues).
Usage of modules like CCK_blocks to display various fields in a block is another can of worms.
These are just 2 of the nightmare situations that I'm faced with - and there are a whole lot more.
All that Profile2 does is replace the core Profile module by making user profiles fieldable. That's it! It does not create user-nodes and it definitely does not convert users into nodes.
So PLEASE-PLEASE consider porting Content Profile to D7!!! Maybe even the efforts could be combined with Profile2 maintainer to merge the two projects and create an option to create profile nodes like the Content Profile does.