Here is an example profile in my POM:
QA
You can effectively run any Maven command (including ones with profiles) through the m2eclipse plugin. Also, m2eclipse works with WTP (which I believe is where the Servers tab comes from). I'm not certain on this part, but I've used it to deploy web apps to Tomcat within Eclipse for a Maven project.
Thanks Alex. I ended up installing Eclipse Integration for Apache Maven (Eclipse IAM), formerly Q for Eclipse
This plugin solved two problems: populating properties files during Publish to Server events in Eclipse and populating the WEB-INF/lib folder. Before, even though I was running mvn eclipse:eclipse to satisfy my Build Path in Eclipse, it was not publishing these dependencies to the embedded servers correctly. This plugin does that. Having solved these two issues, I don't see any other barriers to developing a Maven project in Eclipse using the embedded servers.