it's true, profiles are being removed. Goes in effect in Sept, I believe the 8th. Got an email earlier this week. I had profiles setup for my parents.
I can't really say how quickly new movies come, since my que has a lot of TV stuff, old stuff, mix with new. And it doesn't bother me to get movies six months after the DVD release. If you're on a PC, you can use the Instant Watch service; you'll need to use IE7 or later, WMP, and install the Netflix player. I like the service. It's unlimited viewing with unlimited rental plans. If you really like it, you can get the Roku player for $100. I did a review;
linky