The Daily Grind: Is there a difference between item malls and gold farmers?

With the recent news of China banning the exchange of virtual currency for real world currency, it brings up the future of gold farming in that country, and possibly the world. While China is certainly not the only country which employs MMO gold farmers, it's often labeled as the biggest offender. There is certainly a difference between trading real world money for virtual money and trading virtual money for real world money, but this new China legislation shows that the legalities of both practices are becoming real issues to lawmakers.

So we're curious to know how you feel about the whole process of trading in either direction. It was once a stigma among gamers, but many companies are adopting this practice in a legal way, conducted by item stores and in-game currency exchange. Besides the fact that these item malls are supported by the game studios, do you see a difference? If so, what are they? Discuss!