For reference, the Saturn V cost (fixed for 2014 inflation) is 3b per launch. The Space Shuttle cost 1.5b per flight. So this system is fairly cheap historically, especially considering how much lifting power the Block II configuration will provide.
Interesting that we went from 3b to 1.5b from the Saturn V to the STS, half, but this time are going from 1.5b to 500m, a third.
http://en.wikipedia.org/wiki/Space_Launch_System
For those interested, the new Gerard R. Ford class aircraft carrier costs 14b in R&D and 9b in construction and costs 2.5b a year to run (including other ships in carrier group). If I'm doing my math right, something like the SLS, and its lifetime of missions (excluding Mars), is comparable to having another carrier in the US military. Currently we have ten carriers and two under construction.