As others have posted, alchemy is primarily for buffing your character. But you can make money from it if you take the time to learn the ins and outs of the profession and watch the auction house.
In my opinion, it really comes down to what type of player you are. For example, I am not the type of person to use alchemy. Even when I have potions in my packs I forget to use them 99.9 percent of the time. I have the same problem with scrolls and holiday items that give buffs. I even have the same problem with talents that have timers. So I usually simply avoid them all since I won’t use them. Healing potions are one of my few exceptions.
On the other hand, a friend of mine played a rogue with herbalism/alchemy. He always had three or four potion buffs up at times while adventuring. He told me it made a huge difference in the outcome of his fights. He also made a decent profit from selling potions in the AH.
So, are you the type of person who would take advantage of the alchemy profession? Is it worth it to you to farm the herbs to keep your character buffed? Are you willing to learn what potions sell and what the market is like? If so then I say go for it. If not I’d suggest sticking to two gathering professions.
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I think i'll keep both gathering skills until i get my flying mount, and re-think them afterwards :)
This sounds like a good idea either way. Even if you do make money from alchemy, there is likely to be a certain amount of financial investment to get your skill leveled up.