Yes, value per megabyte is lower. But the for those who need cheap hosting i think ICP is ideal. Mini Hosting plan can host small to medium blog/or other php/mysql site. Medium hosting plan can host medium to big blog/php,mysql website (unless you have frequently visited photogallery or similar). Tested  Smiley
You can upgrade instantly at anytime to higher/lower plan. At this moment, cheapest bitcoin hosting plan cost only $6 yearly (can be paid in BTC).