Well, here is the long list/answer for you:
Crafting in Free To Play games always gets the last attention and perhaps worst development resources.
I have been a Blacksmith for the entire run here in RoM and here is the history as I see it:
Started out, could make level 40 items, no recipes in the game for 50ish weapons. Release of 2.0 meant a special event where some recipes dropped, but because you needed white, green and blue ones, the place was camped and you really couldn't get all of them. 3.0 released soon after killed the recipes to 50 anyway, so the problem sorta went away.
3.0 Weapons were good UNTIL RT and KT came out. You could make a decent amount making BOWS (wolfram nails) and Weapons n Shields (both weapons and shields are Blacksmith) using Shigassa Stones (a drop from DoD). So for a few months, you could make a weapon that was the best in the game. Then RT diamond got released and killed that idea. OH YEH, did I meantion that for the first two months these CRAFTED ITEMS WERE BOUND... which means you had to wait to get adv unbinders to sell them... yeh... did I mention the resource issue in FTP games? lol.
So now we are in Chapter 4.0. There is this event going on. I finally got a lvl 65 dagger recipe. The dagger is Equivalent to RT Diamond Thorn of Yawaka - with two added benefits: #1 - if you are extremely luck (like maybe one on the entire server will be made) you will get an orange or brown level weapon. #2 - you trade 1071 Patt for 6 DPS, 36.5 Accuracy, 31.7 Dodge, and 48.6 HP (based on a rogue's .2x dex damage boost for SS, and all other stuff being equal for a T8 +12 OD weapon). So while you would normally get 317 Patt per stat (1071/317 = 3.78 patt stats), you get 2 dex stats instead. Which is better? Well, more DPS is still more DPS. So the crafted one wins IMHO. Especially when 431 patt (1071-634 (2 stats, which you get 2 stats,they are just dex instead of patt)) doesn't really do much to patt capped players.
Also, #1 means that you can add 7 - 14% to those benefits for the crafted one if you get a orange or brown. CHACHING! Instant multi-millionaire! (I wouldn't sell one under 50m even if under dur in the current Govinda market)
So considering I used about 13m to go from 61 to 65. I was able to easily craft 3 daggers (having collected mats from the event prior to levelling). I expect to use one, and sell two. Breaking even. Anything else I do after that I will make a profit on. And it will all end when the event ends... again, crafters get hosed (well, put out of business instantly, lol).
Future: we can make money for short amounts of time using these skills. It costs a lot and you have to have the capital to invest to try to make a profit (Thanks LOADS VINZ for buying what you bought and thanks LOADS to all those who supplied me with materials to level!). Also, I had to resort to buying diamonds to buy frost runes... guess I wasn't the first to the market on this issue... lol. (As is evident by the folks already selling the weapon on the AH)
Hope this helps you decide...
ps. I almost forgot (how could I) the other real shaft they gave us: When level 60 cap hit, it only took level 25 to craft the COWD and LODD items!!! which kinda was a HUGE FU to crafters IMHO. Kinda like the recent event is a huge FU to anyone who worked hard running around maps collecting materials to level and make things... 2-2.2m and a single day to go from 15 to 50... wowser (I know the price is right because I did this for tailoring, alchemy and carpentry alts)... nothing says FU like making it easier for the next guy. lol. (but at the same time, I am greatful for the easy alt levelling FA! and I understand how you need easy access to mats during a crafting festival, and am greatful for the results!)