The difference between the (2) Profiles depends on the kit. The differences are typically the Frequency and/or the CAS Timings. Most RAM kits only have Profile1 and not Profile2; meaning just because the BIOS has the option it has nothing to do with the kits themselves.
To find out both the available 'SPD' (aka JEDEC) & XMP settings for your kit use CPU-z and look at the 'SPD' tab. Also, the 'Memory' tab shows the current running Frequency and CAS Timings (multiply the DRAM Frequency * 2). CPU-z - http://www.cpuid.com/softwares/cpu-z.html
The 'example' above is not encoded with an XMP Profile, so using a 'NULL' (nonexistent) XMP Profile would potentially result in both a BSOD plus 'Overclock Failure' boot failure. Here's mine with (1) XMP Profile, so I would have to choose XMP Profile1 which is indeed what I've done plus in my case both VTT/VCCSA voltage tweaks:
I have the more expensive 1.35v ultra low voltage kits (better on the CPU), and most all DDR3-1600 and faster kits have a Command Rate of 2 (aka 2, 2N, 2T). SB-E by default are actually up to DDR3-1600 and so are the forthcoming IB, whereas the AMD 'FX' are up to DDR3-1866 or the highest JEDEC up to 933MHz JEDEC (AMD does not support XMP Profiles it's an Intel only 'SPD').
Those wouldn't be 'my' picks for SB or IB. However, XMP + Profile1 should work. The IB's Default is anywhere from DDR3-1066 -> DDR3-1333 -> DDR3-1600, but can handle up to DDR3-2600. However, other than synthetics won't help much.