Core Set - 100
2 x Imperial SDs - 100
Victory SD - 40
2 x Gladiator SDs - 60
2 x Raiders - 40
3 x Imperial Fighter packs - 60
2 x Rogues and Villains packs - 40
Dice Pack - 10
$450 on the nose. With that, you get between 480 points (less expensive variants with no upgrades) and 1,000 points in ships alone. Add in another 400 - 500 points in squadrons. So for the cost of a lone AoS army, you're getting multiples of every ship in a faction, with three times the points of a standard game.
Honestly, the only expensive part of Armada is the starter set. Once you get past that, the most expensive ship is the ISD ($50). But for $50, you get a third of your fleet, and that's before you start slapping on upgrades (and do those ISDs loooove their upgrades). You could take the core set and get yourself a nice tournament army for about another $100. At $280, you have one of every Imperial pack (including a core set VSD and an expansion), and you can get the same on the Rebel side for $290 (again, including core and expansion Neb-Bs and CR90s). At that point, you're buying multiples for more options.
And while some have complained about Armada's "lack of releases", I find it nicely spaced out. For Wave One, you could get everything at $190/$200, and you had six months to save up the $90 to buy everything from Wave Two. The only things announced for Wave Three are Flotillas, which will probably be $20. But the game already has a ton of variety and countless fleet builds that have been successful at Store and Regional Championships. And the two factions are very nicely balanced (although the Demolisher Imperial build is dominating right now, because if you haven't seen it before, it will kill you).
"Every man is a spark in the darkness. By the time he is noticed, he is gone forever; a retinal after image that soon fades and is obscured by newer, brighter lights."