I'm not sure if you posted a somewhat similar thread over on defensivecarry.com, but, if not, here's the reply I just posted there:
I actually put together a spread sheet analyzing the cost vs savings before I bought mine, and as I recall I calculated that I'd save ~$75 per range session (shooting about 400 rounds of .38 SPL per session, which is a bit higher than my average, but not far). It's true that it can eat up a ton of time, which I don't have. Between the savings and the time, I opted for a Hornady Lock and Load progressive press. I believe my initial outlay with press kit, dies, shell plate, powder, primers, and bullets was ~$700. (I saved shells for while before hand). I had an ultrasound cleaner before I started reloading (which is an expensive piece of gear), but frankly I hate using it to clean brass and got a cheap vibratory cleaner that works brilliantly but adds about another maybe $75 including media. So, assuming one range trip per month, which is sadly about right for me, the initial outlay was paid off within the first year.
I can load an average about 200 rounds per hour. It can be more, but stopping to reload primers and monkey around slows me down to 200ish rounds. So in two hours or less I can be ready for a range session the next day.
Now that I'm mostly shooting 327/357/44 Magnum, the savings are even greater.
If I were to do it again, I'd look really hard at the Lee progressive presses before I bought. I've ended up buying stuff by Hornady, Lee, and RCBS, and the Lee stuff has been cheaper but works just as well or even better in some cases. My Hornady powder drop has become completely obsolete since I got the much cheaper Lee Auto Drum that outperforms the Hornady in every way at a fraction of the price. The Auto Drum also requires Lee dies, so I'll be replacing some RCBS dies as well, which is fine with me because my Lee dies have been flawless.
The other side of reloading is it gives you an enormous ability to shoot what you want. For example, I load tons of light 44 magnum loads for practice, then also load a good number of midlevel 44s to keep things interesting. So far I haven't loaded any full strength magnums, because I have a couple of boxes I bought from Walmart that I've been shooting through at a very slow pace. Reloading impacts the way you shoot so much it becomes a hobby in itself.
I'll add that .38 SPL tends to cost over $0.30 per round, and you can reload for half of that if not less. 50% savings is no joke, and using a progressive press means you won't eat up tons of time doing it.