Honestly, you have to take into consideration a lot of things on your vacation to calculate: How many days you need tickets for, how many nights at a hotel, etc. As others have said, comparing during spring break is not a great time, simply because Universal has fewer onsite hotels and thus, prices skyrocket a bit faster. The Express Pass Unlimited cost is also at peak pricing, which only happens twice per year.
There are plenty of hotels near Universal--for example, Clarion Inn and Suites is listed as walkable from Universal, has a free theme park shuttle, and for April 2-8 have prices at $110/night through
Hotels.com. That can easily save you $1k (more if you planned on staying at a premium resort), which is enough for 3 EPUs
For many, the value comes with the pacing. Staying at Cabana Bay with early entry, we were able to do all the rides we wanted to in a single park by about 1 p.m. (Including Hagrid's Motorbike and x2 Velocicoaster). So for us, being able to hit all the attractions we wanted to do quickly and easily in 2-3 days does have some value.
So in terms of what you get for your money during non peak times, Universal holds better value--which is a little different from being "less expensive" (although it certainly can be).
Other cost-related pros/cons:
Better theme park transportation--we've never needed to take a rideshare between parks/resorts at Universal
Car rental desks in hotel lobbies, so you can get the car when you're done in Universal
Parking is now more expensive at Universal resorts
Unlimited Express Pass included with "Deluxe" equivalent hotels (more expensive that G+ but you can just hit your favorite ride over and over all day--again, you can easily hit all the big ticket rides in a half day or less, depending on crowds))