I guess it depends on what you're comparing it to. I think it's dirt cheap on the basis you're only using around 4 - 6kg for a typical homebrew batch so assuming your costings and even at 6kg of malt per batch if you fancy something with some bite its only £9.60 for a 20 litre batch or 27p per pint contribution to your brew costs...and grain is expensive at the moment. That's alot cheaper than a pint of milk or a loaf of bread to put it into context..I think that is a bloody bargain, especially compared to the cost of hops and yeast. Half the cost of my more hoppy beers is hops and yeast and they're a fraction of the overall weight of the ingredients.
But even so, you might be able to improve your efficiency by say 5% at the most so, assuming you're already achieving reasonable efficiency, your savings are pretty slight...a few pence per batch...I guess the old saying about watching the pennies etc. applies, but you're going to be waiting a hell of a long time and brewing a fair few batches for the pounds to look after themselves.