Aside from not being able to sort profiles alphabetically, or by expiration date, or at all, or delete profiles what's this do that the iPhone Configuration Utility doesn't?
In terms of what it does that the iPCU doesn't, it displays team identifiers, entitlements and provisioned devices that iPCU doesn't recognise. It also supports Mac (desktop) provisioning profiles. 1.2 will also list certificates bundled with the profile.