I think it all comes down to what you compare it to.
If I decide to go out on the pub one night (albeit Sweden is quite expensive) all I get is a hangover, a few foggy memories and some angst. Instead I could have bought me a couple of GW-boxes and been busy forr a couple of weeks.
My friend's hobby is not GW-related. He drives around on his jetski, imagine the ammount of minis he could have bougth for that kind of money. Then there are quite a few golfers among my friends, and don't even get me started on the kind of money those guys spend on their hobby.
Not even videogames do (IMHO) stand a chance when comparing. A game that lasts six hours cost 600SEK, once again the same price as two boxed sets.
So, sure if you decide to have a hobby involving buying things it'll cost you some money, but I don't think the GW-goods are even close to the really expensive stuff.
I think it's the fact many people who do not play/collect GW-stuff can't understand it that makes it seem expensive.
"Soooo much money, for some small pieces of plastic??" that's just plain ignorance.
When ever someone says the same about...say ice-hockey-equipment, they are considered just ignorant as "everybody" knows there's more to those pieces of plastic than meets the eye. Just like minis
