I had held off commenting on this thread, but I just looked at the spreadsheet I've kept to track costs, and for me it's been economical (so far). I've included every little thing I've purchased for handloading, and the cartridges I'm producing range from $0.49 apiece for my practice rounds to $0.93 apiece for my hunting rounds. Compare that to cheap factory ammo like Winchester's Deer Season on the low end (about $0.75 per round) and Barnes VOR-TX on the high end (about $2 per round), and I'm saving some bread.
Of course, I'm only saving money if I had planned to increase the amount of shooting I'm going to do, which I had, which is why I decided to reload. And I've tried very hard not to buy every gadget, so my production rate is extremely low.
Anyway, for me the economics work out. But as others have noted, the reloading process is fun and rewarding in its own right, so maybe the savings are just gravy on the cake.