For dove loads I would agree that it is not any cheaper to reload, but for heavy duty pheasant/sage grouse and even late season chucker loads, it is still absolutely worth it to reload. 20 gauge Prairie Storm #5s or Remington Extended Range #6 loads will run about $1 per shot these days.
That's how I see it at least.
That may be true if a person shoots A LOT of pheasants and sage grouse with them. It will take a long time to amortize the cost of a bag of #5 or #6, as well as the wads and powder that are pretty unique to these loads.
The money savings are through high production of target loads, and loading for the 16, 28 and .410, IME.
