I've found the prices at Michael's to be about the same as Joann's Fabrics, depending on what you get and how big of a selection you're looking for.

Joann's obviously has a larger fabric selection, but the rest is about the same based on the stores in my city. Michael's has some very unique jewelry supplies, if you like to make jewelry.

If I just need something pretty basic (paint, brushes, thread, jewelry chain, kids crafts, etc.), I go to whichever store is closest to the area I'll be in that day. If I'm working on jewelry, I check both stores because the selections are different and the prices are about equal.

Hobby Lobby may have some better quality items, but you'll pay a lot more than what it's worth.