I have previously characterised crafting in The Lord of the Rings Online™: Shadows of Angmar™ as a low-value time- and gold-sink. With quest rewards as you level up and drops in the endgame, the place for crafted items is limited. Commenters argued that I was over-stating the point, and this is true. I wish to re-visit the point.
First, crafting is of very limited value as you are leveling up your first character. I stand by this. Unless you are very aggressively pursuing trade skills and spending a large amount on raw materials, it is unlikely that you will make many pieces of use to you. There will be some, but few.
Second, crafting is nice for your second character. You exit the newbie world instance at level 6, and the level 7 armor I can tailor for you will beat most rewards for the next five to ten levels. Repeat for a few tiers: when my Minstrel hit the minimum level for linen armor, he kept only two quest pieces. This was without using single-shot recipes or critical successes; I am using his armor as free crafting experience for characters who “also” have tailoring, as opposed to my main. Crafted items are great for twinks.
Third, you are probably better off buying it. How long does it take you to master a tier of tailoring? And how much would it cost to commission a suit of tailored armor from one of the many others crafting? You already have a stack of hides from normal hunting. Even if you tailor armor for all your alts (no heavy armor wearers) at every tier (no quest rewards), that is twenty suits of armor. You could stretch it to forty if you upgrade constantly. You make more than forty suits to master a single tier. The vast majority of your crafting time is going to grinding useless crap or stuff you sell (cheap) to people taking this advice.
Fourth, the valuable part is at the level cap. After grinding another 1500 points of crafting to finish the final tier, you are a Grand Master. A critical success on a single-shot recipe will get you one of the best items of its type in the game. Depending on the bonuses, a critical success on a normal recipe might be what a class needs. For every class, for some purpose, a crafted item is the best, and if not the absolute best, the best until you raid for several hundred hours. But you only need one of the best, and then you can repair it forever.
As a side note, combining those two means that getting a non-critical version of a final-tier item is very cheap. People mass-produce them in the search for critical successes. They sell the critical successes for a lot but sell the normal successes cheap to make back some money. So a non-critical success from a single-shot recipe produces an item that will sell for less than the recipe itself. The product is worth less than the materials. Which leads us to our next point.
Fifth, the best way to make money crafting is to sell to other crafters. Gathering professions make money: harvest and sell the raw resources, maybe the processed resources. Crafters have already exhibited our economic ignorance by being crafters: we either do not know or do not care about the time-/gold-sink nature of the project, and we will pay too much for the materials. Even if most will not, after all the reasonably priced materials have been bought, yours are next. I make decent money selling crafted tools to crafters. The big trade lately has been selling single-shot Scholar scrolls that people use to increase their chances of critical success on other single-shot scrolls. (Depending on prices, you can figure out which two-recipe path is cheaper.)
Sixth, this is not entirely true with consumables. If you want healing potions or buffing food, you can buy it at any level. Scrolls, hope tokens, and all that jazz can be sold as you make them, paying for your skill-up. You can make a profit before capping out. Unfortunately, your profits at that cap are not much higher. Some people will pay a premium for the absolute best food or potions, but not a lot more. I have bought almost no consumables, using drops and quest rewards for food and potions. This is basically the choice between careers in low-skill labor (decent pay now, a decent bump if you graduate to high-skill) or with an advanced degree (nothing now, shot at a big payout at the end with a bit of luck).
Seventh, they are nice for gaining faction (with one faction each) in tier 5. Tier 4 is okay, and it gives you something in particular to craft, but my tailor capped Rangers of Esteldin faction long before hitting Grand Master. Again, that is late game, and you don’t need master all the tiers to do it.
So if you are thinking about taking up a trade skill, I encourage you: choose a profession with a gathering skill, or multiple like the Explorer. You will make fair money with almost 0 bother, and your vault space will not be full of crafting materials. If you want crafted items, you can buy them cheap or have them made with the materials you provide, probably free if you find someone skilling up (no chance for a critical success, though). And you will be driving down prices for me, which I appreciate.