As interesting as the economics (and economies) of reloading may be, my advice to anyone who is considering reloading SIMPLY to save money is: Don't.
Again, this depends on what you are reloading, and how much you shoot. If you're planning on using up 100 rounds of .45 ACP or 9mm per week, then you are correct - reloading will not save money.
With more expensive calibers, reloading saves a ton of cash. For example, at the car shoot on Saturday I went through 150 rounds each of .500 S&W Magnum and .460 S&W Magnum. If I were to have paid retail prices for that ammo, the cost would have been roughly $600. My actual cost (for my own reloaded ammo) was around $150.
My ammo is also more fun than the factory stuff. Ask anyone who was there.