The test strips are something like 15X more expensive than the reagent tests. And I'm with you Chile. When I test for Ammonia, Nitrite, Nitrate, and pH on all 4 of my tanks, it takes me about 10 minutes. I have enough test vials for all of the tanks to have their own set of vials. I fill up the water, then do all of the nitrate tests, then Nitrite, then Ammonia, then pH. That part takes about 5 minutes to do when you do it in repitition like that. Then the 5 minutes to wait for the results. That's just about the time that it takes to check the pH results (which are instant), clean those vials and put them back in their tray, and record the pH results.
Not too long ago a fellow AA member was talking about how their tank was not cycling and it had been something like 2 to 3 months since setting it up. They were showing large amounts of ammonia, small Nitrites, and normal Nitrates. They then bought a Master test kit and found out that the tank was completly cycled with something like 10 Nitrates. Personally, I never found them as accurate. I used to freak out all the time because I would show Ammonia and Nitrites all the time. Then came along the AP kit.