Top quality vinyl and a good computer based design shop are only 500-600. The average price I've seen on painted stripes is 1200-1800. So yeah, you can vinyl stripe your car 2-3 times over for the cost of the painted product.
I went with vinyl because I wanted the ability to remove them, AND I'm not going to have second thoughts about tossing out parts I paid a chunk of change to have striped. (old parts can still be resold as stock base color). Hood, bumpers and spoiler are all eventually going to go and need restriping.
The material edge is not visible unless you really get down and look for it. Haven't had wax buildup problems yet, and I pulled the front bumper after about 5 months, removing the stripes(had them redone, stupid rock). Probably would have done paint if I had any intentions of showing the car, but I don't.