Yeah, most common usage is when referring to changing the angle the edge is sharpened at by a large amount. Say you have a bad factory edge 90 degrees, very thick and can't cut well. You might want to reprofile that to 20 or 40 degrees. The reprofiling step is when you (preferably) use a coarse, fast cutting hone to establish a new, better performing edge angle.
It's occasionally used to refer to changing the geometry of a point due to damage or in order to change the way it performs (penetration, prying strenth).