My brew-mate and I bought 6 or 7 pounds recently. We got whole leaf from northern brewer. Definitely cheaper than by the ounce. Though, I'm not totally crazy about the quality of all the hops. Some varieties are a little less green than others, and seem like they may have been picked too late? They all smell great, but that was really the only complaint. Oh! And why the hell are hop union not putting zip-lock seals on their bulk bags? It seems dumb, but of course, I'd end up paying more for my hops if they did.
Bulk is definitely the way to go, the trick is having the freezer space, and not hanging on to them for too long. Though, if you're resealing the packages by the ounce it's probably not that much of an issue, but you then you have the hidden costs of your vacuum seal bags and your labor.
I just recently put together an IIPA recipe and thought the same thing, though. I have 14oz going into it. It'll definitely be a very special brew.