I think I must have about the lowest cost AG setup there is... and even though it'll currently only handle 3 gallon batches I'm pretty happy with it.
Here's a breakdown:
Mash Tun-- 3 gallon round cooler from CL
Boil kettle -- left over from a Turkey fryer I used the burner from on my last setup, but which has been sold.
HLT --- 20 qt SS kettle I bought when I did my first brew back in 04
Cooler... big plastic tub from CL. Put several inches of water in it and froze it overnight on my porch.
Brew bags.. 5 gallon paint filter bags from the HW store. I think it was $3.98 for the 2 of them.
Grain mill... pasta maker from Michael's. About $15 after a 40% off coupon. Put it on a bucket I bought from Walmart a couple of years ago...I think it was $2, and used $1.50 in screws to do it.
SO, what's my total.... $23.50 or so!
The upgrade to 5 gallon batches will add a lot though...I have a big enough cooler, but will need a burner, IC and already bought a keg for a keggle...that was $20.