The pricing for day rate is more on an estimate the freelancer can use as an example and build their custom hourly rate from there.
Project rate gets around the 'low hourly rate but lots of hours' problem.
There's no explanation of what you want there, and I'm uncertain what to enter (dollar amounts of the min/max project I'd consider working on? I'm not sure I could provide useful values here). Some help text or suggested answers would be useful.
[the whole idea of social network as resume enhancement unnerves me, also; I'm comfortable with the idea of potential clients looking me up on FB &c, but I don't want to shove my profile directly in their face. But that's just me being squeamish about these things]
It would also be good to make it clear through the profile-filling process that there is a separate section for a portfolio. I was trying to work out where to fit in mention of things I've worked on.