Nope, cheaper yes.
Pi matches a Pentium II 233 in CPU power
This one matches a SAM733 ...
But all in all the Cubieboard is more appealing.
There is also a Quadcore 2GHZ board called Wandboard.
EDIT:
see http://www.vesalia.de
Come on - you cant compare one architecture to x86 and another to PPC like that. At the very least you have to compare the BB to another x86 chip.
You also have to consider the potential usage scenario. I would wager that the gpu potential for number crunching in the Pi to be orders of magnitude higher than a PII 233.
