Well, you'll be able to gear up pretty nicely with the BS crafted gear, but the thing is that it's all Bind on Equip right now. It's really hard to say that the money you'd be spending buying mats or losing not selling the raw mats you'd gather for the grind from 0-425ish would be worth it, since you can just buy the pieces of the AH or gather the mats and have someone make them for you.

Like I said, the extra sockets you can put on your gear as a blacksmith are nothing to sneeze at and I have no idea if we're going to see stuff like the BOP stuff we saw in Sunwell. Right now you just have to ask yourself "are two extra sockets on my gear worth farming/buying the ore I need to level 0-400?" That's all you're going to gain over someone who doesn't have blacksmithing at this point in time.

Just my opinion, though. If you've nothing else that you need to level, it's always nice to have someone to make belt buckles for your whole team.