I found the Arag-Alive for $19.99 for a 20-lb. bag at a LFS. That is about the same price as the dead stuff. (The same bag was $30.99 at another store!) It is also much cleaner, and doesn't turn the water into milk. I know I paid a little for water weight, but at that price I really like the sand. I used 4 bags in setting up my 75-Gallon tank, and combined it with Live Sand from other established tanks, and some from the bottom of my LFS Liverock tub. When combined with 80 lbs. of the "dead" sand, I got a very nice DSB for my display tank and Sump that does not milk the water when disturbed.
I wouldn't pay a premium for it, but if you find a good deal on it I highly reccomend it. Just don't expect it to be the same as true "Live" sand that has lots of happy worms and amhipods like what you get from an established tank.