Which one is better?
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Gnomish is more utility while Goblin is more explosive (direct damage).
With Gnomish you can craft the best arrows in game (requires lvl 80). You can build tools which will teleport you to Tanaris - Gadgetzan and to Blade's Edge Mountains - Toshly Station
With Goblin you can craft the best gun ammunition. You can build tools which will teleport you to Netherstorm - Area 52 and to Winterspring - Everlook.
You also have some bombs which can be useful for pvp lvl 60-79.