As a quick aside before we begin, I was on facebook this morning. I saw that one of my friends from middle school had not only got married to a 35 year old guy (I'm 24), but she already has a kid and another on the way. Wierd!
Anyway, so the gold cap has been raised. 1c shy of 1mil gold. It's nice in a way, not having to spread your gold around to different characters, but it also has a drawback; I can't say I'm goldcapped anymore. My ego hurts a little bit.
I'm currently leveling a hunter, who's at level 43, and I took advantage of the WoW sale where you could buy an online copy of the game for $5, and BC and WotLK were also $5. I bought a copy of WoW and plan to RAF myself so I can get the bonus, and that account can be the throwaway one, or used to transfer the characters to my main account. Now that I'm done working 40 hours and I'm only working 16 plus 2 grad courses, it leaves more "free time" to level, so I'll make better use of it now, I think. It's hard making gold with just one character who can do things, although with my new characters I'm sure it'll be better.
Your professions should go like this:
3.) Enchanting (this will move up as mats become cheaper and more people are progressing to endgame and heroics)
4.) Tailoring (bags AND threads)
5.) Blacksmithing (Everyone needs belt buckles
And then all the gathering professions. I believe this is an accurate list of the most profitable professions, in order.