I use network profiles all the time and I modified my netcfg script to add more options in profiles. I included diff between your netcfg and mine. One change is obvious: current netcfg script handles only "nameserver" and "domain" options in resolv.conf, I added "search"and "options". If you work in networks with 2 or more domains you'd understand the need for "search" option.
Second change is to modify /etc/hosts file with local hostname. I have webserver running on the laptop (wiki pages) and hostname is part of URLs on many pages. Sometimes I work disconnected from network and for those cases I have to be able to resolve hostname via /etc/hosts. I am not sure it's completely fool-proof (I mean using "hostname with different options ) but it works for me.
Thanks,
Vlad

[root@vreikine03l ~]# diff /usr/bin/netcfg /usr/bin/netcfg.vlad
105c105
< unset GATEWAY HOSTNAME DOMAIN DNS1 DNS2
---
> unset GATEWAY HOSTNAME DOMAIN DNS1 DNS2 SEARCH DNSOPTS
169a170,175
> if [ "$MODIFY_HOSTS" ]; then
> sed "s/`hostname -s`\ //" /etc/hosts > /etc/hosts.mod
> mv /etc/hosts.mod /etc/hosts
> sed "s/`hostname -f`/`hostname -s`\ `hostname -f`/" /etc/hosts > /etc/hosts.mod
> mv /etc/hosts.mod /etc/hosts
> fi
177a184,185
> [ "$SEARCH" ] && echo "search $SEARCH" >>/etc/resolv.conf
> [ "$DNSOPTS" ] && echo "options $DNSOPTS" >>/etc/resolv.conf