Considering that some of the best items in the game are from the patterns with 6 modifiers that drop in inferno you can absolutely make a profit from crafting. The issue stems from the fact that without absurd luck right now you most likely will spend more gold then the item you eventually get a perfect roll on will sell for trying to get it.
This is a problem they said they already intend to repair by lowering the cost of crafting. I think they should also either implement the crafting materials in a better way or scrap them all together and just make it a gold cost which would make crafting even more profitable.
Absolutely none of the best items in the game are available from the 6 affix patterns - they are all SECOND BEST base items. You will not make a profit if you're just praying for that one good craft to pay for the bad ones, that's a logical fallacy. CAN you craft once, get lucky, and stop crafting? Sure, it's just like the lottery. You cannot make long term profit, however.
The market doesn't exist in a vacuum, though -- it exists in relation to gameplay. If a crafted item is as good (in terms of stats) as a "scarcer" item, then the two will eventually equalize in price (with maybe a slight surcharge for the bling factor), because people go to the auction house looking for upgrades first and foremost. The fact that there's technically an infinite supply of crafted items is not relevant to this, except to ensure that the eventual equalized price will be lower. This may mean they aren't "valuable" but that's fine -- if a player can get the items they need to progress because they aren't considered "valuable" then the existence of a shadow market of decorative upgrades with much higher prices is not really relevant to the functioning of the economy. It just becomes a luxury market.
There's no bling factor at work, items drop OR are crafted. Rares that are just as good as crafting drop in the game, and your average cost to purchase one on the AH is the only factor you need to compare crafting to, if you could somehow get an as-good item from crafting it would either drive supply up or demand down, instead the demand for near perfect items is always there, but the demand for the garbage you craft while trying to get good items shrinks, because theoretically if it were profitable everyone would be doing it, that drives the 'cost' of crafting even higher.
As it stands for instance, I have the BEST 2h craft in the game. 6 affix Crag hammer.
It costs almost 300,000 gold in pure gold and material costs. Maybe evne a bit more, who can say easily with commodities down.
A) It is STILL only the second best possible 2h, even if I crafted the absolute best crag hammer ever gifted to this earth. A doom hammer is better. You can't craft that. That already puts a ceiling on the price due to its lower dps potential, since it's now competing with doom hammers that roll X-10% on all of its stats
B) Any Crag Hammer I craft without 3 damage affixes is almost entirely worthless on the AH. If I roll less than 1100 dps, I can just vendor it. It vendors for ~2k
C) I now have to, when I finally make 'decent' ones, sell them at enough of a profit to then cover ALL of my failed crafts, yet their value is still determined by the availability of all of the non-crafted craghammers, crafted craghammers, non-crafted rare doomhammers, even non-crafted MAGIC doomhammers that beat them. Just a quick glance at 2 handed weapons on the AH will tell you how completely ridiculous that is. You cannot profit off of these.
Now even in theory, if you could craft the best item (and weren't relying on a drop to be able to craft them, which is just as bad. The difference between a pattern and non-pattern drop is just that you have to sink more gold into a pattern to get the item you want) it would STILL not be profitable. The profitability is determined by the scarcity, and crafted items are not scarce at all, they're an unlimited resource. Sure, there are gold/commodity costs, but let's face it those are unlimited resources in diablo. If it is suddenly profitable to craft, somehow, EVERYONE starts crafting and the market crashes. Only the people who crafted first make any money, It soon becomes just as cost effective for you to purchase a hammer you want for less than it would cost you to craft one and with none of the risk. Those selling them dump them at wholesale prices rather than vendor them as the market moves more towards perfect rolls.