Stored Country is ignored and default country is used when editing a Profile

Contact address has non-default country value and associated province value. Profile with Country and State / Province is edited (either from My Account or directly - as in http://sandbox.civicrm.org/civicrm/profile/edit?gid=10&reset=1). The default country shows in the 'select' instead of the saved country and the state/province is empty since the stored value isn't valid for the default country.

http://forum.civicrm.org/index.php/topic,11628.0.html

Screenshots from sandbox attached. contact_id 102 country is stored as United Kingdom (Until / unless someone edits it). I also reproduced easily on my 3.0 local sandbox.

If this is an easy fix we should fix in 3.0.4 since it's data-destructive potentially.