This is an interesting topic. After reading the thread I sat down and did the math-not becasue it matters, just because I was curious.
I made 5 gals of Apfelwein and one extract batch before I jumped into all-grain head first, but on the cheap.
I scavenenged most of my equipment and perused Craigs List. I have made 4 batches total. With equiment costs figured in, my cost is about $4.80 a pint which is pretty darn reasonabl in my mind. If I just figure ingredients my cost is closer to $.80. Really darn reasonable. I imagine my ingredient costs will come down as I get better at buying in bulk and finding deals. (but I am sure that will add more equipment. I already have a $75 Craig's List freezer, soon to be Keezer, sitting in my garage. Ha!)
But as I said earlier, it doesn't matter, it's just an exercise out of curiosity.
BTW, should a figure in the cost of brew day cigars? Ha!