Cannot import import profile

I just found this too, is this a missing feature or does it require a suitable file on disk somewhere?

AFAICT, this feature seems to have been replaced by integration into the Features module with which you can export and import settings.

1.x does do Features for exporting import profiles, yes (no stand-alone UI)
The work being done (slowly) in 2.x is all about packaging up the exportable rulesets better for sharing with or without Features.

So maybe we should add some documentation to the export section explaining that Features is required for importing? Not sure if this is explained elsewhere in the docs.