I believe a 5 gallon batch makes around 2 cases of beer. You can buy decent craft beer for not much more than the prices I'm seeing in some of these comments. The value from home brewing must come from doing something you like to do.
It's a shame the hobby is not more economical. I have been making wine for a long time and you can make very high end product for much less than you can buy commercially.
If you really get into the hobby, you will be buying hops in bulk, re-using yeast, and will make beer much cheaper than store bought. My average beer is 6%+, I make a lot of hoppy beers, averaging about 6 ozs of hops a batch over all types I make, and my cost for ingredients results in roughly 30 cents a bottle. I (and others - who may be biased due to free beer) think I make pretty decent beer.
Now wine on the other hand. To me it seems all the juice kits you buy will give you wine more expensive than decent cheap wine you can buy. And then there is the risk of ruining a batch which only increases the cost. I'd probably try it, if it seemed worth while, but from looking at costs for juice on-line, it doesn't seem worth it. You obviously have more experience than I do.
Unless you're brewing on a large scale, I don't think All grain is going to be more cost effective really. Or to make it so, you have to store lots of different types of grain and hops, which i'm not willing to do. At my LHBS, I can make a beer for around $25-50 depending on how many hops, that's usually the kicker. If I harvested yeast, that could be cheaper as well, but I don't want to store a bunch of yeasts or compromise a style because I have something else that will work on hand.
If you factor in all the equipment and associated stuff we buy for brewing, it doesn't usually boil down to being cheaper, but for most people, the control over the process, creativity associated with it and the pride of brewing it yourself is what makes us brew.
It is way cheaper for me. Part of the hobby is to try and minimize cost. Over the past 6 years, including equipment, and lots of grain and hops I have yet to use, my cost per bottle if I stopped today averages 50 cents. many of my beers stack up well against expensive craft beers, Belgian beers, and Lambic and Flanders styles, so I think I'm way cheaper than buying similar beer.
You probably should preface this statement with, " in my experience".
With BIAB efficiencies in excess of 80% are readily achievable. I'm not trying to knock you its just that it is one of the most commonly touted myths of BIAB, that low efficiency is the norm. I find 80 plus efficiency and consistency to be the norm. That is brew house efficiency with accurate measures of volume to the FV and Gravity.
Mash efficiencies in excess of 90% are my experience.
I too held this demonstrably incorrect view when I first started BIAB.
I'm sure with good methods batch sparging can result in equally favorable efficiency and consistency.
You probably should preface this statement with, " in my experience". No! I actually said I have limited boil volume, and that is why I batch sparge, because it is more efficient. I'm sure with sufficient volume of water you can get pretty good efficiency from BIAB, but using the same volume of water, you will get better efficiency from batch sparge. Simple math will tell you that batch sparge will yield higher efficiencies than a single volume BIAB.
If you want to compare efficiencies, my last batch was a Pale Ale, mostly 2-row with a little light crystal. 8 lbs of grain total. 18.75 quarts of water used for the mash and sparge, 16 quarts in the pot, and 90% efficiency. If I had the ability to boil more than 4 gallons, I could push the efficiency higher. I challenge you to get 90% efficiency from BIAB with 8 lbs of grain and 18.75 quarts of water. NOTE: This was an unusually high efficiency for me, I'm usually running 85% for that volume of liquid.