Google Chrome Backup is a free application to back up, restore, and manage profiles on Google Chrome [read our review of Chrome]. It requires .NET 2.0. It is now trivial to switch between profiles, add advanced switches to profile shortcuts etc.
Chrome Backup can also create profiles for the browser. Those profiles can be enhanced with startup parameters like starting the browser maximized, disabling the popup blocker or enabling file cookies. It also supports Chromium [Chrome is Google's browser, Chromium is the open-source version].
