This question recurs, and the answer is entirely dependent on such variables as 1) your system, 2) the brews that you do, and 3) how hard you boil, and 4) re: the post of "crowbait," how you heat your water. I was getting around 5 batches per tank, when a big price jump in propane made me rethink my process.
With very little extra effort, I can now heat not only my MLT preheat water but a good bit of my strike and sparge water indoors on our propane cooktop, where I can take advantage of the cheaper gas coming from our 1K gal. bulk tank, rather than the more expensive stuff coming from the 20 lb. grill tank.
My last batch, I used only 2.5 lbs. of propane from the small tank. Do the math.