I love craftbrew and buy it often. I think the key is to pay attention and know where the good deals on the different types of beer are.
I kind of have a four layer pricing scheme:
1) Homebrew: Good quality, low cost, frequent. I can make an IPA for about $0.67/pint.
2) BMC, Refreshing, low quality, low cost, frequent: I actually like yellow fizzy beer in addition to quality homebrew and craft brew. My favs like High Life, PBR, Hamm's, Olympia, Rainier, and Old German are often available for around $0.67/pint. This stuff is nice for simply supplementing my drinking or giving to people who come over, etc.
3) Affordable Craft Brew, medium cost, medium quality, less frequent: This is where finding the deals is key. Costco often has craft beers such as Sierra Nevada (PA, Summer Ale, Celebration), Bridgeport (IPA and Hop Czar), Deschutes (Mirror Pond, Jubelale, Twilight), Kona (Longboard, Fire Rock) and even Stone (Arrogant Bastard 12 packs of 22s). Some times the price gets down to around $1.33/pint (around a $1 a 12 oz bottle). Fred Meyer often has craft breweries like Deschutes priced at $1.33/pint. The Albertson's near my house has an excellent selection and often prices big beers like Mirror Mirror or Stone Old Guardian for the cheapest I've seen.
4) Unaffordable Craft Brew, high cost, high quality, infrequent: Can I afford $14 a bottle for a barleywine? No, probably not. However, I agree with other posters who compare my craft brew obsession with wine. Barleywines and Russian Imperial Stouts are special favorites of mine and I have about 4 dozen different ones "cellaring." Someday I plan on having vertical tastings with close friends. This gives me the opportunity to have something unique. The price differentital between different sellers can be vast. My local bottle shop sells beers like Mirror Mirror for $15. At my Albertson's, it's $10.
I am a devout hophead and not above paying $5.50/pint for Pliny at my local craft beer tavern (which has 40 taps, the only thing close to BMC there is Olympia). But that same tavern also has great deals like $3/pint specials on interesting brews. Right now, for $3 I can try many winter ales (it's Christmas in July) on tap, some of which have been aged for a year or two. Granted, $3 a pint is about twice what I prefer to pay for beer at home, but the selection is fantastic.
Basically, brew your own and drink some BMC to stretch the dollar. Hunt for deals on medium-quality craft brew, and don't be afraid to treat yourself every once in a while and always look for the best price on the top beers.