I always have to chime in, even though I am bias.
Alchemy
Pro's
Makes you extra usefull for any party, even if a oopsie happens, when parties get re arranged and things are lookign tough, the ability to whip out some pharmies to help folks boost conficde. My example is loosing a LOTP druid on a AQ run, beign able to whip out a stack of mongoose pots re energised the raid, we were able to move rogues in to parties with locks, this way they got the STA and 2% cirt.
Have you seen the Flasks ?
I just lost a roll on FOSP last week but it is ok, went to a rogue buddy who is more likely to get to the alchemy lab than I, so i can get some, but Sheesh, those flasks are worth a trip to the lab. The upside is that you can acutaly buy mats on the AH, take them to a lab and sell the flask when you get back, and acualy make money!!!!!
Transmutes!!!!!!
This is like money in the bank, you start off with arc transmutes, with a painfull 48 hr cooldown. but eventualy you can get some good elemetnal ones with 24 hr cooldown, also the heart of fire to elemetnal fire(to make more and more fire portect pots) is only on a 10 min cooldown.
Con
Enchanting makes wizard oil, not alchemest? ya who knows .......
Enchanting
Pro's
You can make posts on Alla how you get the short end of the stick, how everybody is out to get you and they do not understand the trade. you can explain how you deserve any enchanting mats so you can sell them for a proffit.
Wizard and Mana oils rock as long as no shaman gets it in his mind that the casters want a windfury totem layed down to eat your oil.
You can tell folks to "Go level enchanting yourslef if you do not like the price" and other snooty comments when you demand a fee when players bing there own mats for a enchant you will get a skillup off of.
Enchanting mats have no AH fee accoiated with them!!!!!
There are no Cooldown items in enchanting(acuatly this is a grey area, it is the cooldown stuff that makes the best money).
Con's
The Freeking rep grinds. in addation to the painfull farmed plans, you have to farm distrubing amounts of rep to get the faction based enchants, While i have already mocked the whinyness of enchanters in general(since i am a enchanter, i do qualify, just watch me) Some of theese are freeking painfull, and realisticly requrie the aid of a guild(or just a lot of your time).
Nothing for your alt, as a alchemest you can brew up potions to make leveling a alt a breeze. My shaman was buffed silly form level 16-60, i never was without something to beef up my kill rate. Sure you could nuke some stuff and try and get a second enchanter to hook you up on a trade(like you will enchant his alts stuff), but that is a pain.
the ROI(Retrun On Investment) is realy low, even my druid enchanter who has been 300 for over a year now, acutaly nets the LEAST money of my other toons. Mostly becasue i can find more stuff to do than sit arround spamming a macro that i want to sell a enchant.
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I have a few alts for melting items for the AH or so i have what i need when I want enchatnts. the kicker is that most enchanters are happy with extra mats over cash any day of the week, so i usualy tip them in extra shards, orbs, essense, dust. usualy they are happy to do biz with me again. I have also tiped enchatners in stuff like Kingsblood(for TB rep), or Dark iorn(TB rep again).
I say alchemy!!!!!!!