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If wow gold isn't profitable, you should still be able to do well taking Volatile Life.
If the price of wow gold is far above the cost of mats on your server, any alchemist can score by creating bars. If wow gold isn't profitable, you should still be able to do well taking Volatile Life, often the cheapest of all the volatiles, and transmuting it into something more expensive like Volatile Air (do your Living Elements transmute in Uldum to guarantee an Air transmute), Volatile Water (do your transmute in Vashj'ir), or Volatile Fire (Hyjal).
The secret to making wow gold under any Alchemy specialization is knowing how to leverage information. You should only craft and sell that which earns you a profit, and figuring out profit margins is beautifully simple with The Undermine Journal website: Simply visit, choose your server and faction, and click on "Alchemy" under the "consumables" tab.
The fact that all of these potions are selling at strong profits even when priced below the mean suggests that this particular market is ripe to participate in. Indeed, in my past experience, the potion market on this server has been a goldmine, even with moderate competition.