Engineering profits in cata

Professions
Any indication of the profitability of said prof in cata? I'ts probably the most fun prof in the game but since I cant use it in organized pvp its kind of dissapointing. So Id like to know if I can make some gold off of it. I know of cogwheels and BOE's but what are cogwheels used for what item socket are they put in.
Thanks in advance

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