depends on which way you look at it. Holland Hall and Penny C are both awesome places to live, and my parents were pretty happy with paying the accomodation fees for last year for me to live in Penny C, so i didn't even think of living somewehre else. Yeah there are cheaper places to live, and said accomodation really isn't that bad at all, it just depends on what you can afford and would prefer.
As much as i have said you could quite easily live without an ensuite, it is an added bonus - u get a lot more privacy, can spend as long as you like in the shower/on the loo! and the showers are amazing, so strong and always hot. the rooms themselves are lovely too - even more so if you get a balcony. the washing machines and tumble dryers are also brand new and really good - we had lots of people from lafrowda using them last year, used to piss the porter off a fair bit...
i do think that this year is a bit of a joke, especially as you're no longer getting lunch vouchers and they've put the price up by £12 a week - plus you don't really have anywhere to cook anything for lunch, except maybe a microwave - holland didn't have these last year, rumours were they were getting them.
so anyway, im bored and writing lots! i think that if you can afford to live in either holland or penny c then yeah, it is expensive, but they really are awesome places to live and i say go for it. but if it is a completely absurd amount of money (which i do think it is) then there is plenty of other perfectly normal and affordable student accomodation in exeter on campus...