Waffles,
HeroLab is not just a character creation program. It is so much more than that. Ultimately, that was the reason I purchased the program, to make characters easily and to have a combined spell program with it, unlike several of the other programs I have tried for Pathfinder.
HeroLab is also a game tool for the Dungeon Master and a living character sheet for the players. These functions alone surpass many of the older style character creation programs used.
HeroLab is also fully functional and constantly updated by Lone Wolf, and not just one person who may or may not get around to updating a excel spreadsheet.
As for the expansions, they are completely optional, and you must remember: Time is Money. The time it would take you to learn how to put the monsters from a bestiary into the game file, would be far more costly than the $15.00 it takes to buy it already added. At least that is how I look at it. You are talking hours of time to code the monsters at a rate close to minimum wage, or $15.00 bucks, you decide. I know what I would do. Besides, really the only extra book you need is the bestiary, if all you want to play is core rules. The extra fluff is to further detail your world that you run or play in.
HeroLab will save you countless hours of time in character generation, game play, and character updating.
Don't analyze the cost before you begin to use it. Once you get it, and start to use it, you will see, throwing $15.00 here or there to add-on a book or books will be the best way to grow your library enough as your game experience grows.
In a year, I have been able to purchase all the supplements, and I continue to read new things from them as I try to create new characters for different games that I plan to run and play in from our group.
HeroLab is well worth its price!