I own much of the stuff the OP mentioned, though most of what I own is cheaper than his prices, but adequate for my needs. But let's ignore the cost of entry for a moment. Let's look at just the incremental daily costs associated with commuting:

In my own case, commuting by bicycle might actually ~cost~ me money, in some sense. If I drive from home to work, 100%, I bear the full cost of my commute, 36 miles RT, plus $15/day for parking (that's an average -- I can probably do better, but I know I can do worse). It would take me about 45-60 minutes in the morning, and 60-75 minutes in the afternoon, based on experience (before my unloved Toyota Prius was killed, I could have dropped 15 minutes from each of those figures by using the HOV lanes). The only real entertainment I can avail myself of while driving is NPR (or other radio, music, etc...)

If I take public transit without a bike or car, I can walk 25 minutes each way to/ from the station (since they eliminated the straightest route), the fare is $5/ each way, but that fare is subsidized 100% (at present) by my employer. They will not, however, subsidize parking at the station. Bike parking, if I'm willing to accept some risk, is free. $200/yr (or about $1 or less/ working day) gets me a secure bike locker, if one is available. I save about 15 minutes/trip (real world time) on getting to and from said transit station, and the time on transit is about 45 minutes each way, absent the frequent delays. I could also drive to the metro, pay $4.50/day for parking, at no real savings of time over biking. The best part about transit is that I can read, do crossword puzzle, or otherwise expand my mind while riding.

Cycling from home to work is ~20 miles each way, and at my real world speed, that's about 90-100 minutes each way, or over 3 hours each day riding. Avg. daily cost (not counting any equipment, clothing, gadgets, etc...)? Maintenance, including tires, tubes, brake pads, cables, chains, etc... isn't be free, but neither is it terribly costly. Certainly cheaper than comparable maintenance on the car(s). I'm guessing that I'd spend well under $200/year all told, even assuming I do none of the work myself. And heck -- I could even get a $20/month subsidy from my employer (you know, the one who presently gives me a ~$150-200 monthly subsidy to take transit?) which would probably cover the bulk of the necessary maintenance and such. One other down side? I can't read a book or do a crossword puzzle while riding (however, I do tend to arrive more alert and ready to face the day, and I certainly arrive home less stressed).

So in dollar terms, transit is ~my~ cheapest option (pretty much no matter how I figure it -- unless I drive the car to the station... but why would I do that?), with cycling a reasonably close second. Driving, esp. with gas over $4/gallon is a distant third, pretty much no matter what I spend on 'stuff', based solely on the parking cost. Oh -- it is worth noting: My employer does have a parking benefit, and who knows: Someday I might qualify for a space... at which point, I'll have to re-assess my priorities ;-)

However, all the numbers aside: the cost in terms of my waistline, fitness level and overall health if I don't ride is worth quite a bit to me. And, in reality, I don't do a single commute mode: I use a combination of methods -- almost never only one. So I don't do it for the money: I ride for me.