A lot of this discussion is contingent on your server's economy. My server happens to have very high enchanting mats prices (90g-110g/stack for infinite dust), but low prices for gems (scarlet rubies are 42g, everything else is between 6-29g). Saronite stacks sell for about 14g. So I usually smelt saronite bars, send them to my shaman (who is a BS) and make eternal belt buckles, and sell those for about 65g each. The eternal waters I buy very cheaply (7g per) from a "business partner" who farms them up. Total profit per buckle: 65-7=58g*20 buckles=1160g. Keep in mind you can't do this all the time, or you'll flood the market and lower the profits (which makes everyone /hate you). On a good week, I can sell about 50 buckles, so the rest of the saronite that I don't use I prospect and use for JC crafts and icy prisms. Those don't yield as much gold, but its still profitable.
Strangely, on my server Titanium Bars are actually going for upwards of 55g (62g yesterday), whereas Titanium ore is only 310g/stack. So I'll smelt the half-stack of ore I got farming into bars, and sell those.
I can attest that WG farming is absolutely incredible for titanium farming. I'm usually flying around there on my DK for the hour before raids start (while everyone else is getting pots/flasks/repairs/reagents and trolling forums) and I can get about 15-18 eternals (not an engi) and 10-15 stacks of saronite along with 1.5 stacks of titanium (on average).