Yes, but how many Stephen Colbert heads do you get per spool?
My problem with these 3d techs online is that there's no good way to know exactly how much you can DO with a given amount of raw material.
Untrue.
First you have a CAD model, which you can calculate worst-case amount of material. Then the model gets sliced so that the printer knows how to draw each layer. Nobody that prints does so with 100% infill, most cross sections are filled with a web of plastic at about 20% - 40%, sometimes even hollow. I like 30% and it's plenty strong: especially with honeycomb fills instead of just straight lines.
The slicing process is more than just snapping cross-sections but rather describes an entire toolpath (gcode) along with a calibrated extrusion distance for the filament. Calibration being volume of plastic per mm of filament intake, with fine adjustments for bridges and start/stop cycles for multiple islands. The upshot of this is, at the end of generating the gcode you have a very precise accounting for the amount of plastic used. Now, one could argue that the length of plastic used isn't as useful as mass, but everything you need can be calculated from that length.
The de-facto slicer, Skeinforge, will even happily calculate the cost of raw materials when it's done, if you provide it with a cost per kg.
Now, the real factor in my mind is TIME. I've printed out a compact storage case for a board game, a small base, about 100mm^2 x 60mm total not discounting for holes where I actually store the cards and things, and it took about 10 hours to print at 0.1 mm layer height, 50mm/s drawing speed, 300mm/s travel speed (on an Ultimaker, which is probably closer to a RepRap instead of a Thing-O-Matic design, although closer to the Replicator design). I could have printed at a more coarse layer height, sure, but I had the feeler gauges and things calibrated extremely well for 0.1mm so I just left it.
10 hours is a pretty long time to stay within earshot of the machine and it takes a lot of faith in the machine to let it running without a human around considering the potential for something to go wrong with heaters and such.
To be fair, I did print off a few plastic octopi for friends, about 40mm^2 x 20mm, in about 30 minutes, not including slicing time and all the time (and plastic) spent practicing, calibrating. But I chalk that up to the cost to generate the experience to become a competent operator.