Tailoring will give you bags, flying carpet mount and the ability to sew a buff into your cloak - dont recall seeing any good non-caster cloaks so that's about it.
Leatherworking, on the other hand, is probably a good investment, especially if you still need gear. Now admittedly, my LW is a feral so I'm not sure if the chain is as great as the leather was, but the leather gear kicked butt, standing up to just about everything but raid grade gear. The wrist and leg patches also kick butt plus, you can also make your quiver and ammo pouch (although I'm sure you could just give the raw mats to a guildy and have them make it). Finally, there's a nice DPS cloak that you can make plus a frost resist set for the second to last boss in Naxx.
With 3.1 right around the corner I'm sure there will also be some new recipes that you'll like as well.