Right now i am doing skinning and leatherworking but i was wondering will i get like a cape or something for reaching the maximum level of my profession?

You may get something, but you lost a crap load of your life playing WOW.

no, you don't get anything for mastering a profession in WoW, each crafting profession however contains items that can be made/used by you and you only, for example a master gemcutter can create gems that give significantly better stats than your standard gems, master blacksmiths can create new slots to put more gems on your armor, master leatherworkers can create powerful armor enhancers. mastering gathering professions like mining or skinning will give you various bonuses to your stats, skinning improves your crit rating, mining increases stamina by 120, herbalism increases spirit. professions are primarily to create better armor for yourself or to sell and thus are a reward unto themselves.

You will earn an achievement for reaching the maximum skill level for one profession, and another when you reach the maximum skill for your other one. However, you won't get any free goodies for doing so. Several leatherworking patterns require the maximum skill level to learn, however, and once you learn them, you will almost certainly find people who want the items those patterns make, and will pay top gold for them. - LJS