Verified answer

explained here

http://abrax.us/bbz/MyspaceProfile2Undo.php

From the Profile dropdown main menu (on the nav) choose "Customize Profile." When the editor is loaded click the "Go Back" link in the top right. Then choose the 1.0 option. Don't click it multiple times, or it'll probably show an error (that'll be fixed soon).

In the top right corner, it should say "Go Back"

Then click "Switch to Profile 1.0"

Then your profile should be back to normal :)