From a cost aspect, the 357S has to cost more than 40S&W. The brass costs more, jacketed bullets cost less, but you have the option of shooting lead bullets in 40S&W. There is no cost difference in primers and the powder is negligible.
You know it's funny, but the majority of guys saying there's an issue with reloading 357S seem to not actually reload for it................
It is cheaper, once you figure brass as a given, bottom line is it's cheaper to buy .355 diameter 124 or 125 bullets in bulk than it is 155 or higher for .40. The 357S doesn't require "special" bullets, just a blunt nose profile and a straight body section, there's a host of bullets that work, and a bunch that are designed with the 357S in mind:
Here's just 1 example for plated bullets:
Berries 124 HBFP Heavy plate 357S bullet:
http://www.tjconevera.com/be9mm124grho.html
$99 per 1K delivered
Berries 10mm/40 155grn:
http://www.tjconevera.com/berrys-4010mm-15.html
$121 per 1K delivered.
Coated bullets are similar from Bayou Bullets:
9mm 124 FPs are $68 per 1000
.40 155s are $76 per 1000
As for brass costs, TJ Conevera has
357S 1000 processed for $65
.40 1000 processed for $60
http://www.tjconevera.com/oncefiredbrass.html
So in your 1st 1000 rds of either coated or plated bullets, you'll make up for your additional brass costs......
I actually bought 4000 pieces of 357S brass of a gentleman on this site for about $195 delivered ($40 per 1K before shipping).
BTW, there are Dillon Carbide dies available for the 357S, so spend a little more and skip the lube (as I do), or initial size with a .40 carbide die and skip the lube.
Chuck