A joystick profile is a setup for your stick. Basicly it is a programmed list of commands for the different functions on the joystick. I use a profile for FS9, and crimson skies.
The buttons do different things in each sim therefor I use adifferent profile for each one.
And to answer the next part, No, you do not have to have a joystick profile for the force feedback to work in a game. You DO have to have force feedback enabled in the games settings though.
Yes the FF2 will work with new games. I have it and use it with FS9, Midnight ClubII, and almost all of my games. Haven't found a game yet that it will not work with. Just to state the obvious, The joystick does work with every game I have ever tried it with BUT the force feedback does NOT work in any game that does not support force feedback.  Hope that explained it right.
If thats not clear or understandable let me know and ill try again, or someone else will explaine it better.

Kevin