i still believe farming SM GY is a good gig, if the server has active lowbie scene.
there are soem mega threads here on all the good spots and options. check them out.
also, dont underestimate the AH & things like transmutes for profit. if you are a hard-core 24/7 farmer then it might make sense to focus on raw mob drop farming at high lvls but imo that isnt the only way to make solid cash.
if you dont do it hard core (tyr's hand, etc), then i think it's sorta inconsistent. whereas i have found that careful analysis of a server's market might show you that there are some things which bring in consistent, amazing cash per hour. and several things you can do daily ALONG WITH traditional farming.
for example, on one server i made fuckloads per day doing transmutes and selling a few items like fadeleaf. i also at one point decided to grind skinning to get my own Black Dragonscales and was shocked at how much cash i made just grinding skinning (and selling the top leather tier stuff on the AH).
imo, sitting in a place like Tyr's hand and just grinding isnt your only option. if you want to do that, fine, but consider combining it with other constant profit ventures.
edit: or just buy gold like other pussies