LignGeorge
Here's what release notes says:
DVDFab 8.0.9.5 Qt Beta (June 3, 2011)
New: Added support for Intel Quick Sync as H.264 decoder and encoder. It works on DVD Ripper, Blu-ray Copy, Blu-ray Ripper, Blu-ray 3D Ripper, Blu-ray to DVD Converter, Video Converter and 2D to 3D Converter.
New: Brand new profile design, which is very flexible and powerful. A new profile editor will be out soon, please wait.
New: Brand new MP4 muxer.
New profile editor is an essentially a tool (GUI) to change and set custom parameters for h264. Using this tool you can create your own customized profiles and incorporate them into DVDFab profile list by adding to profile folder. Technically, you can do it now too, if you know what you are doing and know how to do it with command line - there's no GUI for it.
IMHO, DVDFab has very good, well balanced profiles, and I don't see a need for you to tweak them. If you want to do it out of curiosity or as a part of your video processing learning and exploration process, you are better off with something like MeGUI, or if you dealing with some twisted content, MeGUI is the only way to go.