There is very little point in targeting the client profile for .NET 4.0. The download is 41MB, the full version is 48MB, only 15% bigger.
The client profile does make a lot of sense if you target 3.5, the full installer is ~350 MB. The huge difference is explained by the prerequisites, .NET 4.0 requires at least XP SP3 or Vista SP1, 3.5 installs on any version of Windows > 2000. The 3.5 installer thus contains lots of the required updates for unmanaged Windows components used by .NET. The web installer lessens that blow considerably btw.
The client profile is painful in .NET 4.0 because VS2010 made it the default .NET framework target. And deals quite poorly with a solution that has projects that have a mix of full and client profile targets, produces very mystifying build errors on code that IntelliSense doesn't complain about. They didn't make the same mistake again in VS2012, nor does .NET 4.5 have a Client profile. Good riddance.