I've mentioned a few times recently that my priest has regained Blacksmithing. This has definitely been my main focus of gold making recently and has paid off a lot. But man, do I go through the Elementium. :O
I just wanted to throw out a few things I'm doing with Blacksmithing, as well as a few things I can't do but wish I could. I'm making a lot of the lower level enchanting rods; I sell about two of each a day. I seem to get really good luck off the Adamantite Rod; since it's not taught by trainers I imagine a lot of people just skipped right over it if they didn't seek it out specifically.
The "I've done everything but raiding" slump is settling in for many that are heroic'd-out and they're turning to alts, which means leveling enchanters are cropping up everywhere.
Bloodied/Ornate Pyrium. Hehe, this was obviously coming, so we'll get it out of the way. I use auctioneer to search for the prefixes and see what items are selling at above mats cost. Since the lower pieces like belts and bracers may be used for leveling it's not uncommon to see them for below mats price and I'd rather not shoot myself in the foot. I craft one of anything over mats price and pop it up on the AH.
With any Obsidium I get I craft Lifeforce Hammers. There are maces in dungeons but if you're gearing up via the AH this is the highest level crafted weapon available to holy paladins; others can go for daggers but alas, paladins are stuck with this. I can sell them pretty often and the low iLevel tends to scare other crafters away and I never really have any competition so I sell them for about 1000g. (I believe there may be a Chaos Orb/Truegold weapon as well, but . . . lol?)
Now for the important bit, the thing I wish I could do. Browsing the 4.0.6 PTR notes you see this:
A socket has been added to all crafted epic armor pieces that did not already have one.
:O I myself scoffed at the hilarity of the Hardened Elementium Hauberk being much much worse than the JP chest due to lack of the two sockets. It's only getting one socket, alas, but it will help its attractiveness to players who are still gearing up for raids. All Chaos Orb patterns are about to be worth a bit more, I'd look at crafting those if my silly priest weren't still 84 and unable to get orbs. (Side note: Think about what all these new sockets mean for JCs on that day!)
There's a lot more to do with Blacksmithing, but that's what I'm focusing on right now.