Transmutation...

Many people claim that Elixir is THE way to go with Alchemy. I tried it, but it was horrible. Didn't suit me: recruiting a botter to grind for me or else farm the AH like crazy. Not my cup of tea.

So... I shifted my focus towards transmutation. The proc chance isn't too great, but I do like it a lot. I've got a lot of leftover green quality gems from JC and the Eternals aren't hard to come by.
Meta gems and the 'daily' transmutation are the core of my Transmutation machine.
A part of the meta gems goes straight into the AH, but about 75% goes to my JC. I should really start using my Jc more... ah well... I've still got 240 UNCUT meta gems lying around. Even just putting them straight on the AH should net me a little fortune!
240 x 35 (minimum price for uncut meta, often higher) = 8400.
The cost in creating them isn't all that high: +- 25g.
So even in a bad situation I'd still get 2000g+ (AH cut and other failed sales guessed) profit even if they are uncut.
Cut they could go for 75g when demand is high and supply is 'low' (I'm around!), but often they just go for 50g.

My personal favorites are +agi/+critdmg and +crit/+critdmg. Pretty much every class likes +critdmg, so there isn't a lot of risk involved

It's insane profit and even the daily transmutation is enough for many players in order to come by.