To me, and this is just my thoughts, I'm sure they aren't technically correct in some ways if this was a college course, but this is just printing, it's way more complicated than that!
Profiling - you set target densities that you are going to run to appropriate for your press and materials, you print profiling targets such as IT8-7.3, measure the targets, use profiling sotftware to create a profile that you then convert your files to and print on press with those same densities. This is a snapshot of this press on this certain day and all it's materials and settings.
Standard - you make your files with a standard profile such as GRACol2006_Coated1v2.icc, and you also print targets such as P2P, establishing solid density targets that meet the Lab color for the standard. Read in the targets, create curves to apply to your plates to bring the tonal range into compliance with the standard. When you print you use those established densities and you should get consistent, repeatable results. Once again, the curves you create are a snapshot of how that press was printing on that certain day and the materials and settings.
Both approaches are only as good as the printing process is consistent, depending on dot gains, materials, and all settings, day to day, week to week, month to month.
If your press drifts too far from the day you created a custom profile, you will need to re-profile, if you can't get the press back to the same condition it was in when the profile was made. Same with the curves for standards printing.
Side note, if records aren't kept of materials and settings you have no chance to get back to that day. Process control is a must for consistency, no matter what approach you use, IF you are interested in consistency. I say IF because there are many who just aren't geared that way and that point is very hard to explain for some reason, and like Gordo says, it's economics driven, if you can print each job customized and customers don't complain then there isn't a problem, it may be a perceived problem to you but the end result is it's okay. The biggest problem for prepress is how do we make proofs for the press's ever changing conditions? I tend to think that sooner or later there will be economic issues.
Consistency is the key to any approach, I like a quote someone here uses, "you can't manage what you don't measure."