In the past six years I've shot just over 100,000 rounds, 80% of which were reloads.
The least expensive of these ran right at 2.3 cents per round. The wheelweights were virtually free, $20 for almost a ton, and the powder had been given to me.
Where I had to buy the powder the price rose to maybe 5.3 cents each for pistol rounds. Rifle rounds were significantly more expensive because the bullet weights could be a lot higher.
Any of the reloads using cast bullets, however, were less expensive than the few cases where I bought bullets or ammunition.
Reloading, I think, is really about trading time for money. Load your own but with factory bullets and you save some money. Load your own with cast bullets and you can get the cost down farther. Use wheelweights, which isn't the best choice for rifle bullets, and costs drop again.
But a lot of the cost savings also have to do with being a careful shopper. For example I buy powder in BULK from Crossbow Enterprises (e-mail: crossbow@fone.net) because their prices are good and they deliver. Well actually they pass through Flagstaff Arizona a couple times a year and I meet them near the freeway. I buy linotype or whatever from Art Green hundreds of pounds at a time. Since the postal service will deliver a 75 pound package for $7.70, this isn't expensive either. My last order was for 1200 pounds of linotype. Art ships 50 pounds at a time every few weeks. (the post office literally hates me). Primers can also be gotten inexpensively if you really look for good prices and order in bulk.
So reloading is cost effective if you are serious about it and probably a complete waste of time and money if you aren't.