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How does that differ from the existing profiles? Firefox has had profiles for decades.

This is introducing a friendlier profile management GUI for non-power-users, I believe.

What is the problem with the current ProfileManager?

the new profile UI will not show you the old ones!

Sounds like a problem with the new UI, rather than the old. Will the old show profiles created in the new UI?

no

So when they remove the old UI, all my profiles will be gone?