Only server I have had fully skilled '300 LW is Feenix Warsong, so Ill be speaking fram that perspective.
Imo, LW is great. Naturally best paired with skinning. In LW you choose one of three 'specs', Tribal (leather) Elemental (leather) or Dragonscale (mail). Each of the three specs offers different spec-specific patters, acquired in different ways throughout the world (of warcraft).
I chose Tribal to craft Devilsaur set, but I also was lucky enough to get my hands on the Hide of the Wild pattern, and by just crafting this high-demand healing cloak for others made me a lot of gold!
Hope this gave u some answers
Edit: corrected some typos