Jaymz, the profiles were introduce, gosh, maybe in LR2 but they've been updated. LR1 was, well, not that far along
!
To get to the profiles go to the Develop module. At the bottom of the right-hand side you will see the Camera Calibration panel. In that panel you will see the Process drop-down list and then the Profile drop-down list. Click that and you will see the choices to try out, including the default Adobe Standard, which is what my first pic started out in.
The Process option is also something to pay attention to. If you import from and LR1/2/3 catalog, your metadata will show and older "process", whereas LR4 is "Process 2012". Be aware that you may need to explicitely convert a photo or photos to 2012 from the older process. The reason why this is meaningful is that LR for has done some significant changes to the Basis tool panel (and added some cool things). The conversion to 2012 can be relatively painless, although with your older LR1 files I'm not sure how smooth things will go -- you just got to try it out.
But LR4/2012 does have some cool features!