So what is the point of professions now?

Unless you have a huge stockpile, gold is going to be an important asset in Warlords. But, beyond that, professions are still poised as they always have been, as a way to create high end items and special rewards for you and your friends, as well as to sell or trade your masterful experience as goods and services. Beyond items that will help fill itemization gaps as you'll get into raiding, there's the standard cadre of bonus items, toys, mounts, etc. that specific professions can create. There's also a lot of interplay between which professions you have/don't have, and how your building selections in the Garrison will benefit or offset your skills.