I don't think there is any profiting going on at the moment, but svbtle wouldn't exist without the great contributor in the network. Because of this it will be interesting to see where Dustin takes things and how he handles the situation. I'm sure a lot of the writers in svbtle wanted to be part of a great group that just wanted to bring great content to the forefront of the web. That changes slightly when money is involved because now some writers will be wondering how much they can make off a post and whether they should write about what is hot or just the random stuff they are used to.
Are they really profiting at this point? I haven't seen any ads on the sites, and funding shouldn't be considered profit.
I doubt the funding was set up as a charitable donation, so at some point, they're certainly going to have to figure out some way to make revenue.
Presumably at least someone (i.e. the investors) means to turn a profit. Who knows how they'll go about it though.
I don't think you take on venture funding if you don't intend to make a profit. Or do you...?