I believe it can be cheaper it just like anything else pacing yourself... After you have all your devices and a stock of juices and not have something in the mail every week it can be a lot cheaper.
I think the hobbyist angle actually helps a lot of us distract ourselves from cigarette cravings, at least over the first few months. So in a sense, you could almost blame the tobacco for any extra costs you incur on your vaping journey.
It's also probable that those of us who become vaping hobbyists buy vaping products with (some amount of) money we might have spent on a different hobby (that is, apart from smoking, which is almost never a hobby, disregarding the occasional cigar aficionado). There are only so many hours in the day, after all. So to compare a high-end vaping budget with a cigarette budget on a 1-to-1 basis probably isn't quite fair.
Regardless, having lots of options -- the ability to treat vaping like a hobby or like a bare-bones smoking replacement -- isn't a disadvantage, in principle. Cigarettes are simple to the point of utter monotony. If they weren't so ridiculously addictive, they'd be uninteresting. The only unfortunate thing about vaping is that all of the options available can confuse and discourage the newbie, who's used to mindlessly buying the same old dull pack(s) of cigarettes every day.
Vaping is WAYY cheaper in the long run. Been to a hospital lately? Being a nonsmoker will save you thousands later in healthcare expenses. How about the next time you fill out that insurance paperwork! Smokers pay more in premiums. Now obamacare is a different story and dont get me started on that here. lol
I really hate that argument for savings because quitting smoking sent me to the ER and racked up about $20,000 in medical fees plus put me on meds at a tune of $500-$1000 a month for the rest of my life.
http://ibdcrohns.about.com/cs/ibdfaqs/a/smokingguts.htm