Maybe, but that only works if you were going to actually BUY all those things. If yes, then you'd get a slight deal. But he's giving you credit for buying the FED and the KDF version of things, and if you don't play KDF, that's a hit right there. If you don't care about emotes, or extra costumes, etc.
The ship purchases, some of the bank and character slots, that's stuff I'd miss.
Even with the numbers he used, you had to play for almost 2 years (let's call it an even 2, if you drop a few things you'd never buy yourself) to break even. If you're in it for the long haul, might still be worth it, though. otherwise, they didn't take much away from the Silver members, so could probably skate by with the free level, and just plan on having to kick in occasionally to get a cool ship, or extra slots, or whatnot. Mentally count that purchase as the sub fee, and you're good to go.