I was configuring search and when I clicked the SSP link for the Search Usage Reports (http://server:port/ssp/admin/_layouts/SpUsageSspSearchQueries.aspx) the page paused forever and then prompted me to login, then showed Service Unavailable. Turns out the entire Application Pool shut down.
Checking the logs I found:
Event Type: Error
Event Source: .NET Runtime Event
Category: None
Event ID: 1023
Date: 1/26/2007
Time: 10:01:42 AM
User: N/A
Computer: MOSS02
Description: .NET Runtime version 2.0.50727.42 - Fatal Execution Engine Error (7A05E2B3) (80131506)
For more information, see Help and Support Center at http://go.microsoft.com/fwlink/events.asp.
This is resolved in this kb: http://support.microsoft.com/kb/913384
Rather than wait for the hot fix, I just logged into the server as the SSP app pool account and that created the profile.