Symptom:
Your account is the farm administrator and has been added to the policy for the SSP, as well as the site collection owner, but when you click on User Profiles and Properties (in the SSP under User Profiles and My Sites), you get "Access Denied"
Problem:
The account has not been added with permissions to manage My Sites.
Solution:
Click on Personalization Services Permissions (in the SSP under User Profiles and My Sites). Add the account and give Manage User Profiles permissions.