You can still do it cheap.
Burner: $40
10g Cooler + Ballvalve setup: $60
2 aluminum pots: $50
Grain Mill: $130
$280 to have a AG setup to buy in bulk. Those prices include shipping, which was free for the first 2. I still do the ole ice bath in the tub freezing jugs of water, although I am building a wort chiller to do 10g batches. I've been brewing like this for a year. It works and produces great beer, so I see no need to spend more money on equipment that isn't necessary. If I had money to blow I would, but I don't. I guess you do have to factor in the cost of propane as well.
My process: I heat the strike and sparge water on my stove, have the mash tun on the floor, dump water into it, then grains, lift and put on the counter, sit the boil pot on an ale pail under the mash tun, sparge, carry outside and set on burner, boil, carry inside and sit in tub, once cool dump into ale pail. I don't have the room or money for a nice brew sculpture or anything.
If you brew a lot, bulk is the way to go, especially with hops, as they run $3+/oz around here at the stores. 6+ lbs of hops from hops direct shipped ran me about $92 (2009 leaf hops). At $3/oz, thats about $280 from the store overtime, and hops direct tends to give you a little more than a pound each.