I have a profile2 with a field collection field that allows multiple values.
My rule component simply accepts a field collection as a parameter, and deletes the field collection entity with that ID. Executing via passing the field collection ID will remove it when I view the profile, but displays the error:
Notice: Trying to get property of non-object in field_collection_field_get_entity() (line 1589 of /Users/amorton/Sites/edge/edge/sites/all/modules/contrib/field_collection/field_collection.module). Examining the profile in devel shows that the field collection is still listed. The entry is gone from the field_collection_item table in the DB, but still exists in the field_data and field_revision tables.
I have also tried the "Remove an item from a list" action. If I have 2 field collection items saved to the profile, executing the rule using the ID for one will remove BOTH when viewing the profile. However, examining the profile in devel shows that the one I did not remove is still attached. Checking the field's table in the database shows that the item's revision ID is now null. Manually setting it back to match the field ID will bring it back, but I have to clear the cache first.