Yes I am waiting for something like this too! I don't know if the subscription plug in will do this. It sounds like that is more for e commerce.
Basically I have different types of users on the site...Staff members, and students. They will have different profile fields (students don't have a state they represent for example).
There used to be an advanced profile controller but its gone now, as apparently the developer stopped working on it and people had problems.
Ive considered hacking the code, but afraid to do so because of upgrades to CB.
I suppose maybe another installation of Joomla could do the trick, but that kind of defeats the purpose of getting everything under one roof which was my goal. Counselors would need to have an account on both the Main page and the student page, hence creating potential sync issues, and its just a pain to login twice.