We were non-hockey people but had a GREAT experience with hockey and youth hockey. No, it isn't cheap but there are other expensive activities as well. I don't think we ever did an exact comparison but I think it was a similar investment to get our daughter all the way through her senior year in competitive dance compared to our son, who advanced all the way through HS hockey. Our third kid played football and track and yeah, that was a lot le$$.
I agree with what Gold Vision said above. Hockey in MN is great because kids find their way with the level of their interest and skill and there is always a place for them. Our son stumbled around at the "C" level when he was little but still had a blast playing on C level teams and being involved with the team, tournaments, parties, etc. It wasn't expensive. He enjoyed it enough that he started to focus on it and invest his time on his own and the "C's" started to change to "B's" and finally "A" by the time he was a bantam, and then he made HS varsity as a sophomore.
It definitely got more expensive considering all the clinics, shoulder season leagues, etc. but by the time that money started to hit, it was pretty clear he was going to "make it" at the high school level. Given the way it worked out, it felt like a good investment as opposed to just throwing money at the sport. He very well could have just stayed playing hockey for fun when he was at the "C" level and worked his way toward Junior Gold for a fraction of the $$.
I think there are a lot of misconceptions about hockey where people think the investment is off the charts under any circumstances, and that just isn't the case.