With the components I have on hand I am still reloading quality shells for $3.65 a box. These are 1 1/8oz loads using new #8 shot, Remington STS, or Winchester AA hulls.
I've also found reloading the cheaper hulls like Gun Club, Top Guns, and Estate hulls work great for about 2 or 3 reloads then get tossed. I use 1oz. of reclaimed lead, and get all the free hulls from the dumpster, I can reload these at less than $3.50 a box. I practice with the 1 oz and shoot competition with the 1 1/8 oz. I really can't see any difference in my scores, but it's a mind game thing for me.
I enjoy reloading, last year I reloaded a little over 14,000 12 ga. trap loads. I have the time to do it and would rather be reloading than sitting in front of the TV.