One thing that doesn't work here is the Taxonomy installation routines - this is because taxonomy_save_vocabulary() (and similar functions) use drupal_write_record() which requires a valid schema. The schema is not available, however a simple fix sorts that out:

Here's the patch that adds $schema = drupal_get_schema(NULL, TRUE); to the end of the install routine.

Index: install_profile_api.module
===================================================================
--- install_profile_api.module	(revision 67)
+++ install_profile_api.module	(working copy)
@@ -40,5 +40,7 @@
       include_once "$path/core/$module.inc";
     }
   }
+
+  $schema = drupal_get_schema(NULL, TRUE);
 }
 

Enjoy.

I'm currently engaged in a complete rewrite of Profile Generator to use the functions in this module (among other things). I'm not the maintainer but the current maintainer has been uncommunicative.