GPU profiling is not supported by the graphics card driver

I can’t do any GPU profiling on an iPad 4 because of this error - any idea what’s wrong? We really need to improve our game’s framerate, and without GPU profiling it’s going to be really dang hard to do.

I don’t believe the GPU profiler works for PowerVR devices (iOS). There are some tools you can use though. Check out this page:
http://docs.unity3d.com/Manual/MobileProfiling.html