I just bought an Apex and set it up over the weekend, so I'm about 3 days into the experience. I do think it's a luxury item, if a somewhat irresistible one. A big part of the appeal to much of the hobby for me is the cool gadgetry, and the Apex is a really fantastic gadget. I'm a biostatistician in my day job, so having access to all that real-time data really pushes my buttons--being able to see how the PH swings in sync with the light cycle, how far the tank temperature swings between heater cycles, how energy use correlates with various pieces of equipment--I just can't resist that stuff. And so far I've been really surprised at just how customizable the thing is: you can do everything you need to do through the very user-friendly Fusion interface, or you can telnet into this thing and manipulate data files directly. So cool.
Having said that, if it doesn't fit the budget or if gadgetry doesn't do it for you, I don't see why you couldn't accomplish the main things the Apex does with disparate pieces of equipment. Probably the main non-luxury thing it offers is the safety features--things like leak detection, notifications, and the ability to shut things down (or turn things on) remotely. That piece of mind is probably worth a lot, but for me it's really overshadowed by just what a fun toy it is.