I messed around today with some different picture profiles I've found around the internet, trying to see what looks best in high-contrast sunny situations. I tested with Picture Profile set to off, and then used AB_HILIT, CPF-LOG, MMPP2, and G-LOG ULTIMATE.
I found that MMPP2 and G-LOG ULTIMATE gave me the best dynamic range to work with. The G-LOG has a bit of a flatter look then MMPP2 and I'm not sure which one I like better, but they are my favorites. CPF-LOG gave a nice clean, filmic look after the grade as well; however, not as much dynamic range out of the original shot. I probably won't use AB_HILIT much as it seemed to be not much different of a look than having picture profile off all together.