Profile 1.0, 1.1 and 2.0 refer to Blu-ray player specifications. Profile 1.0 is the basic, Profile 1.1 player can play movies with BonusView (aka Picture in Picture), Profile 2.0 player is the latest, can play BonusView and BDLive (requires internet connection).
Format version 1.x, 2.x and 3.0 refer to Blu-ray media specifications and BD Logo usage. PC users usually use Format 1.1 and 2.0 BD discs while Hidef Camcorder is added in Format 3.0 Rewritable discs.
Format specs: http://www.blu-raydisc.info/format_spec.php