Handicrafting can create Rings, Staves, Necklaces, Bows and Earrings. Consider Handicrafting the "Misc" profession" that players can choose. Handicrafting is a great profession for Chanters and Rangers since it creates the weapons that they use, Bows and Staves. However since everyone can use Rings, Necklaces and Earrings this profession is really great for anyone. Much like Armor Smithing and Weapon Smithing in order to create anything of real value you will need to "proc" the item that you're making.
If you'd like to read up more on Procs click here.