I am not sure the credit crunch helps, I know you can often make a case for a long term saving, but they are not inexpensive pieces of kit for most people.
Couldn't agree more - especially when ongoing battery repacement is taken into account. But then electric bikes are a bit of a niche market and not really suitable for most people. Most people I suspect are to too scared to even go out on the road on two wheels. Cost doesn't even come into it.
It only really, seriously, costs out if you drop the car and many of us can't sensibly do that. It may also cost out if you can drop 40% or more of the cost with the cycle to work scheme or save on daily car parking charges or congestion charges. Very much depends on your personal circumstances and where you live. I gave up on trying to justify the cost in a given time frame and just decided cycling gives me pleasure, gets me to work easier, and probably saves a bit of money - but struggling up hills puts me off. There's a lot of people wasting far more money elsewhere for a much poorer return.