It all depends upon what you are trying to accomplish with the ammo. For myself, I have become hopelessly addicted to developing accuracy loads. Currently, all my rifles are larger calibers, but I am strongly considering buying a quality bolt action rifle chambered in .223 so that I can shoot 0.5" groups. I figure I can develop loads that will do that for about $0.28 per round in a .223. Currently, it costs me $0.38 per round for that kind of accuracy in my .243 and about $0.56 per round for good accurate loads in my 7 MM Mag. But regardless of the cost savings, I just enjoy taking another rifle and finding an accurate load in it.
So, I'm not sure if $0.28/round is as cheap as cheap factory ammo or not. But if you desire great accuracy, that's about what it costs and you won't get it with the cheap stuff.