I am using 4.0.3. The expected behavior is that the profile not display for "Guest" users. Currently, I get the link above--you see the canvas image, profile image, and name. I can't hide those items (the entire profile) from guests. It just "behaves" a little like the 4.0.2 bug you identified. I have Profile Privacy set to Moderator Set with a default of Registered & Board of Directors user groups.
I have some profiles I want as guest-viewable, so I have the CB Configuration: User Profile set to public. But for most user profiles, like the link I provided above, I don't want their name seen by a user that is not logged in. I thought Profile Privacy set to Moderator Set and selected Registered users only would hide access to the entire profile go "Guest" users.
I hope that explains in more detail. I updated the subject of this reply with the versions I'm using.