Being a crafting profession Blacksmithing has a few items that will probably always sell for a profit along with a few higher end recipes that also make profitable items. Along with tailoring and leatherworking this profession offers a bit of profit but is generally nothing to write home about gold making wise.
1) Easy to level.
2) Some of the higher level items can make you quite a bit of profit per sale.
1) The market for most of the higher end items isn't huge.
2) Without Chaos Orbs you are limited in which high end recipes you can make
My advice on blacksmithing:
Blacksmithing, along with leatherworking and tailoring, is an ok profession to have. Unless you tend to aquire Chaos Orbs at a very fast rate I would make sure to have inscription, alchemy, jewelcrafting, and enchanting before I got this profession. While you can make a bit of money with blacksmithing you probably aren't going to get rich quick with it.
Recipes of Note:
1) Basically anything that involves Chaos Orbs sells for a high price.
2) Both the Bloodied and Ornate sets sell decently well.
3) Belt buckles sell well and these are the only items that really have a large market associated with them. If they are profitable to make on your server (and they probably are) I would ensure to always have a few up on the Auction House.
4) Enchanting Rods - These are needed by enchanters to level up enchanting but they can only be made by Blacksmiths.
1) Check the markets for mail and plate armor that requires level 35-40 to wear. There are many classes that get either the ability to switch to mail or plate at level 40 so there are many toons that buy new armor at that level. There are usually a few items that you will be able to craft for a profit in this zone.
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The Power Word: Gold Guide Free is Copyright © 2011 Jim Younkin. Guide contributors include Bangkok Bill and fluxdada.