Reloading is an economy of scale. If you only shoot 100 rounds of rifle a year, and a case or so of shotgun shells, then if you are over the age of 40 you will die before you recoup your overhead costs (assuming you buy your equipment... I was given all of my shotgun shell equipment and bought most of my rifle stuff new).

Lead shot is running from $40-$65/25# bag right now. Primers are about 6 cents, wads are 500 for $10. If you frequent higher end sporting clays courses, you have an unlimited supply of Winchester AAs (I have about 20 cases worth in the attic... waiting for lead to come back down again...and its on the way acctually). The more you shoot, the more you save. But if you reload more and shoot more, you can end up getting to shoot more for the same price you were paying anyway... minus the time it takes you to reload. But you do learn a lot by rolling your own.

Reloading rifle ammo strictly for hunting to save money is a fools endeavor. Hunters in general do not shoot enough to really EVER come close to breaking even. Now, you can get in my opinion a vastly superior product, and often if you shoot oddball or uncommon calibers (up until recent the 7mm-08 with TSX bullets, but they still only load 140s) than it is a great way to get more out of one firearm. And you can almost always find something that will outshoot factory ammo. But its a money pit. If you shoot a lot recreationally, than once again, its a scale economy for you.

Either way, I overwhelmingly recommend it. Its fun, instructive and satisfying.