I'm posting this mostly to remind myself of where it is. This came across on the internal VSTS discussion alias today.
Visual Studio Profiler has a standalone installation: look for vs_profiler.exe in the Visual Studio installation CD/DVD. Installing that package allows users to collect, analyze and report performance data from command line. The package does not include any GUI. It is light-weight installation, suitable for production or testing environments.
See the following article for more details on how to profile applications from command line:
If you are just getting started with profiling in VSTS, you may want to check out Jeff Atwood's quick walkthrough of profiling from the GUI: Simple Profiling with Team Developer.