I checked my AH for the price of all potions and elixirs and, surprisingly, for ALL of the ones I could make, it gives more proffit to sell the mats than to make the potions and sell them.
The most popular elixirs, known to be widely used for heroics and raids, sell at a price about 2/3 of the mats cost. We're talking 1/3 LOSS from crafting it versus just selling the mats. The only "gain" is a very small chance to make discoveries, and most likely discover another unproffitable potion (I have 2 discoveries so far, both useless).
For potions it's even worse. And I've gotten a plenty of Mana and Healing pots from loots. By grinding and questing I happen to come across more potions from loot and quest rewards than mats for making potions. Also, some rogue said he can get more potions than any alchemist from pickpocketing. Rogues are one of the most overplayed classes in WoW so if this is true then that overwhelmingly kills making potions.
The only moderate reasonable recipes are the meta gem transmutes. The "issue" with them is that, while they do not have a price inferior to the mats, their price is also not higher than the mats. It averages around very very close to the mats cost so that the income of a 24 hour transmute is very close to zero. The only 100% safe transmute is earth to water for a margin of 15g every 24 hours.
The recipes I don't have are either discoveries or drops. I could go drop hunting but it seems like none of those recipes are good sellers (vs selling the mats).
Is the only benefit of Alchemy now the extra potion yield from the trinket?