We analyze Hubble Space Telescope surface-brightness profiles of 61 elliptical galaxies and spiral bulges (hot galaxies). Luminous hot galaxies have cuspy cores with steep outer power-law profiles that break at r ~ r_b to shallow inner profiles with logslope less than 0.3. Faint hot galaxies show steep, largely featureless power-law profiles at all radii and lack cores. The centers of power-law galaxies are up to 1000 times denser in mass and luminosity than the cores of large galaxies at a limiting radius of 10 pc. At intermediate magnitudes (-22.0 < M_V < -20.5), core and power-law galaxies coexist, and there is a range in r_b at a given luminosity of at least two orders of magnitude. Central properties correlate with global rotation and shape: core galaxies tend to be boxy and slowly rotating, whereas power-law galaxies tend to be disky and rapidly rotating. The dense power-law centers of disky, rotating galaxies are consistent with their formation in gas-rich mergers. The parallel proposition that cores are simply the by-products of gas-free stellar mergers is less compelling. For example, core galaxies accrete small, dense, gas-free galaxies at a rate sufficient to fill in low-density cores if the satellites survived and sank to the center. An alternative model for core formation involves the orbital decay of massive black holes (BHs): the BH may heat and eject stars from the center, eroding a power law if any exists and scouring out a core. An average BH mass per spheroid of 0.002 times the stellar mass yields reasonably good agreement with the masses and radii of observed cores and in addition is consistent with the energetics of AGNs and kinematic detections of BHs in nearby galaxies.Comment: 40 pages (Tex) with 10 figures and 4 tables (Postscript). To appear in the November 1997 Astronomical Journal. The discussion section is significantly revised from the original submission to Astro-ph, dated October 1996. One figure is slightly altered, and the data tables are the sam