I've installed the free version of the CB. It is installed on a new installation of Joomla 1.7, so there are no additional components, plugins, or modules.
I've disabled the SEF in configuration, as well as SEF plugin. Also, I've disabled the default Joomla login module. Afterwards, I've synchronized the lists. I've registered a news user and after confirming the registration, went to the profile page, only to receive the
"This profile does not exist or is no longer available" message.
Yes, I did follow the instructions, all the way to synchronization. But after your message, I entered one of the profiles I've created and just saved it and afterwards it started functioning. So I consider this issue resolved.