Profile priority - is that 'Lanuched Task Priority' and if so, which is higher 1 or 10...
10 is higher. But launched task priority won't cause one profile to override another like rearranging the order of profiles in Locale would. Launched task priority only affects tasks that are running concurrently. Any profile, when it becomes active, will override any settings set by another profile.
For example, let's you have a profile that silences your ringer when you're at home, and another profile that sets the ringer volume to 7 when the phone is docked in the car dock. If, as you leave home, you put the phone in the car dock, the ringer volume will be set to 7, even though you're still at home. If you're out in the car with the phone in the dock, and arrive at home, the ringer will be silenced, even though the phone is still docked.
You can affect this behavior by adding other contexts to your profile, such as adding "Not Docked Car" to your home profile. This way, when you arrive at home with the phone docked, the home profile will not activate until you remove the phone from the dock.
On the other hand, if you have two profiles that become active simultaneously (i.e. you have a profile with a power context, and a profile with a docked context, and you place the phone into a powered dock), the enter tasks for the two profiles will be run concurrently IF they have the same priority. If one has a higher priority, it will be executed first, and will override any conflicting settings in the enter task for the other profile.