My experience was similar to many stories already posted here and elsewhere on LOTRO fan sites - as soon as I got my war steed I opened the store panel to set about customising it and was horrified at the price of the colour packs and the fact they are per character.
As I had a good number of tp put aside especially to spend on my war steed I bit the bullet and bought 2 hide/hair colour packs. But, I cancelled my plan to invest in some equipment dye packs as it just isn't value for money and there is a limit to how much I am willing to be ripped off!
I've also purchased one accessory and one tail for my steed even though these are still rather exorbitantly priced compared to character cosmetic pieces. However, one should remember that these steed cosmetic gear items don't take up vault or wardrobe space so there is one small and less obvious consolation for collectors of cosmetics (then again, they can't be shared across characters via the wardrobe so even that small consolation is shot down in flames!)
The thing is though, I still have 1,200 tp sitting in my account, unspent, that was part of my initial 'war steed budget'. It is likely to remain unspent for some time because I really don't feel I'd get value for money throwing any more points at my steed - certainly not from buying dye bundles.
Incidentally I'm curious about what happened to the excellent and high quality steed cosmetic pieces that could be purchased individually during beta (I particularly liked the "Marauder" set). They seem to have been replaced by the rather ho-hum Wold, Norcorofts, etc. bundles.
I can't really understand Turbine's marketing policy with war steed cosmetics at all. Surely the time to cash in on initial enthusiasm for war steeds is NOW, so why isn't the store brimming with lots of individual pieces of gear and INDIVIDUAL DYES at prices of like 100-250 tp each? It isn't as if the gear doesn't already exist, as we saw it in beta (not to mention selling existing class and Rohan regional steed pieces individually). That stuff would be flying out the door I'm sure if it was available, unbundled and at prices in line with other game content.
I for one would have spent my entire 4,000 tp steed budget already if I had a great choice of items and dyes at sensible prices. In fact I'd most likely have spent my entire budget and still be drooling over other pieces and weighing up if my credit card could take another hit!
Without doubt the RoR expansion is fantastic and I'm enjoying it immensely. My ONLY disappointment is the inability to make the most of a much touted "customise your war steed" feature because of the lack of a full range of steed gear coupled with the senselessly over inflated pricing/bundling.