Nice, but at the moment it seems a bit of a Jack of all trades. I think you should choose a clearly-defined and unique role for Runesmithing that will make it exciting and original: shrink down the range of Runesmith creatable items - I don't feel trinkets, jewelry or armor are needed in any great amount, as they are the basis of the Jewelcrafting and Blacksmithing profession - but keep wands (very few are created by enchanters) and staves (we sure need them).
The various trades pile buffs on weapons and armor to the extent that they can be socketed, reinforced, enchanted and sharpened to the point that it's becoming difficult to put anything else on. In addition, the WotLK Death Knight class will get the ability to carve runes into their weapons, and Inscription will allow players to alter the mechanics of spellcasting. So, I'm not sure to what extent runesmiths would bring new content to the table in this case.
Your idea of making them similarly invoked yet with very different effects to scrolls is a good one - maybe runes could function as a more aggressive manner of spells, damaging to some degree rather than buffing (offset by being saleable to non-runesmiths). Similarly, the much loved animal-transformation spells could feature as a novelty element (I'll leave you to that one).
In any case, I'd like to see what else you come up with. ;) ---- VorbisTalkContribs