Somehow I doubt that. Everyone can make some money, but I doubt you're ever going to see a blacksmith as wealthy as a jewelcrafter (assuming each spends equal time at their craft).
And the "what to do" part of it is kind of important, is it not? There's a difference between circling around Icecrown for hours looking for herbs or veins, and being able to buy some raw materials off the AH, immediately craft them, then sell at a significant markup.
For a while I could sell tailoring Spellthreads at maybe a 100G+ markup, but the downside was that you really can't put up more than 1-2 per day because you can get undercut quickly and really only a handful of people were buying them each day. Even on a medium-sized server I guess it's not that often that a caster gets a new set of pants worthy of a 220g enchant
I guess some crafting professions got lucky for a while when the prices on mid-level mats plummeted and they could craft blues that would Disenchant into stuff that was more valuable than what you paid for the mats.......but with the Abyssal Shatter Apocalypse in swing I suspect the honeymoon on that is over.
It's been a while since I really looked into money-making, though my impression has always been that things rarely sold for much more than cost of materials, and even if they did the margins were so thin that you had to do some math and consider how much volume you could actually move.