I'll have to give this a try, played around with making profiles a bit and thought it was too much work, but didn't know about the profiling software, that should make it much easier. Does it allow for multiple mappings for the same command or button? and does it work with macros or is it just 1:1?
You can do just about anything. Buttons can perform multiple functions, activate macros, act as on/off toggles (for games that require you to hold to run/crouch or whatever). You can also set up one or more "shift" functions that change some or all of the inputs (e.g. you might want a function that slows down mouse movement speed for easier interaction with the inventory and so forth). You can even assign rumble to particular functions (if your controller supports rumble).
Many popular games already have profiles available from other users so you could start with that and then adjust it to your liking instead of having to make the whole thing from scratch.
I personally prefer Xpadder
but both have the same sort of features and can accomplish whatever you're wanting.