Again, this argument only works if you consider money as the only indicator of value.
Just like I have a finite amount of hours in my life to live, I have a finite number of hours in a weekend with which I have to get things I need or want to get done. If I'm brewing I cannot do something else. That is why time has inherent value beyond the dollars get paid for doing my job.
Speaking of finite time, I think my time is better spent on other pursuits than arguing on the internet!
But I think that's what the OP is getting at here cost as a monetary number, not "Value" over all. It's like saying I can't save money by mowing my own lawn every week. I bought my mower for $50 in a garage sale, it does take me about an hour to mow my lawn, I hate it, and I spend about $1.50 in gas to get it done. Compare that to $40/week to have it mowed by someone else, you'd be a fool to say I wasn't saving money mowing my own lawn. Value is a completely separate entity all it's own. I squeeze the mowing in when I can and I value that $35 or so a week that I am saving more than I value that hour of free time. Either way, I'm still saving money. But, I hate mowing so much, in the end, it would be a better value to spend $40/week and save that time to do something else. My wife on the other hand thinks the savings by far outweighs the time. Add that up over a year though and you are looking at about a $1000/year (quick figure I threw together, in the midwest you only mow for about half the year)
Strictly speaking, there is no doubt you can save money home brewing, if you are strictly a craft beer drinker. If your goal was to brew cheap decent tasting beer, I think it's quite possible to do it, without factoring in your time. Sometimes you spend time to save money, it's just the way life works.
Value really is a little different and I think that's what too many people get focused on in these arguments. If the question is strictly, "Can you save money by brewing your own beer?" Then I believe that yes, you can save money brewing your own beer. There are though, a lot of other factors that go into the true "Value" of brewing that beer. What kind of beer, how good of beer, is it better than Natty Light, which is pretty cheap itself? but from a craft beer standpoint, I believe that you can save money.
Now, with that being said, I don't believe the true enjoyment of this hobby has anything to do wtih saving money. As others have said, most of us that are into the hobby, spend money hand over fist for it. I consider it a lot like flying Model airplanes. You are constantly spending money to improve your experience and you are constantly working on your equipment to improve, repair it. But, the real enjoyment over all, is far more valuable than any money you actually spend. It's not about saving money, that's doing it wrong, it's being able to spend enough money to do and experience something you really enjoy.