The reality is that the value runs the spectrum. Some content is overpriced, and some content is worth its price and more. So it is entirely hit or miss. For me the value is decided by a dollar to hour ratio I apply to standard games. When I purchase a sixty dollar game. I expect to get sixty hours of entertainment. Less and it was a poor value. More it was a great value.
So if I spend sixty on extra content, and get sixty hours from that. Then I feel I have lost nothing to additional content purchasing. To be honest I am striking deal even. The culprit as others have pointed out is Fable 2. I have gotten great value from Bring down the Sky, and from Broken Steel. However I have gotten less then stellar performance from the two Fable expansions. Halo 3 is quixotic sure you get your value, but that owes more to repetition not revelation.
For me the lesson is this ask how many hours you get before you buy. As long as your getting a good ratio the content is at least worth a true new game. You even avoid the perils of getting a game you dislike. Know what is good value, and you should be ahead. I was personally toying with picking up lost and damned, but after just being burned by Fable I decided I would pick up a heavily discounted Broken Bond.
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