Yes, it's still expensive, but not as much as it was a couple of years ago. What I see is that a lot of people fixate on hotels in the city center and freak out, when really there are neighborhoods like De Pijp or Oud-West where you find much more reasonable places and you're still just 10 minutes by bike or tram from the center. Food in tourist restaurants is a ripoff, obviously, but if you eat where locals eat (cafés, Dutch bakeries, your typical corner café) you spend a fraction of that.
What most people don't mention is that in Amsterdam you barely need a car or expensive taxis if you get around by bike or public transport. The bicycle is more than just a trick, it's the normal way of life there, and renting one costs almost nothing. That saves you a ton on getting around. Also, if you go in November or January, prices really drop, and plus it rains less than people think.
My take is that it's worth it, especially if you travel with the mindset to explore beyond Central Station and the red light district. The city has something that hooks you, the canals are genuinely beautiful, and if you don't fall for tourist traps, you can keep your budget pretty under control.