I can take you up as a padawan myself actually, though I honestly am not a fan of teaching. You can start the thread on the Ossus Temple. Hope you keep the training interesting! :P
I don't remember which one your first profile was, but if comments, critiques, etc. were added, then yeah basically.
Honestly, beyond simply trusting people to have a good profile (which 95% of the time is true), the workload it would give admins for approving profiles would be huge, since new profiles are going up all the time. Profiles would end up getting backlogged, forcing people to wait, so it's really easier for everyone, in our opinion, to have a system like ours where we let you use the character right off the bat, yet we reserve the right to stop you from doing so if necessary.
Hi. We actually have a thread here that explains how we don't do profile approvals. We pretty much trust that virtually all profiles, save for a few kinks, are good enough to be RPd, which they almost always are. We just expect that if people point out legitimate kinks in the character that they be fixed. The only time we deny a profile is if it's really, REALLY bad.