AureliusSir the Irrelevant wrote:
ALl in all, if you're not mining your own ore, stay away from Blacksmithing. It's not worth it.
Time is money, no? If mining old world ore is literally the best gold/hour possible, then go ahead and do that to level out your blacksmithing, but odds are it's not. Especially if you pay attention to purchasing times (hint: buy ore/bars on the weekends, this goes for just about every trade good in WoW btw).
Is Blacksmithing good for making gold? That really depends if you want to setup a virtual blacksmithing store where you keep the AH supplied with BS staples. The longer you do it, the more money you'll make in the long run. Leveling it should be considered an investment, whether you invest 5000g or 19 hours of mining. I think you are asking if you can make back 5000g eventually, then profit on top of your investment. My answer would be yes, if you run an efficient store over the long term. I think there are some slightly better professions, unless they are totally covered on your server. Inscription comes to mind. It's great if there aren't already 5 dedicated scribes keeping 2-3 of every glyph in the game on the AH at all times. It can be the best gold making profession in WoW, unless your server is overrun.
Blacksmithing is OK. This expansion is winding down so it might be a bad time to start it up. I think your bread and butter will be eternal belt buckles, since those old blues and titansteel destroyers don't sell like they used to. The way I would look at it is, make back as much gold as I can running a well equipped shop before the expansion. And have it level capped and ready to go for Cataclysm.