I was in Ecuador last month - holidaying/visiting etc of course but also on a bit of a fact finding mission whilst there. Yes, for sure, it was cheap - cheapest place in sth america... I'm not sure - I think Bolivia and Peru (outside Lima) are cheaper - but it's very reasonable. And similar in price to Colombia in my opinion.
And like everywhere it depends where you go (which city) and what you need. If you need to be in a big city to find work (like Guayaquil) it's a little more expensive, but you have more opportunites to find work and get better pay. The coast, Salinas is quite popular and more expensive for accomodation than other nice places on the coast. But still cheap. ( I saw advertisements for 1 bedroom apartments in Salinas for $400 - but can go very high for swanky places too) On average, I thought apartment rentals in the big/popular places were a little under 1/2 what they are here, and places like Montañita, Cuenca, Los Baños - much cheaper!!
So, comparing prices - for sure it's cheaper. Lifestyle - well that is all objective obviously. Personally I thought it was a wonderful country, beautiful, and the people treated me very well - kind, polite etc. But it certainly doesn't have the range of things to do that BA has - but I guess it's about what you're after.
I also went to the Galapagos Islands. Something I haven't had much interest in doing as so many people told me it was prohibitively expensive. It was more expensive than mainland Ecuador - but not expensive at all. It was a welcome surprise. And it was truly amazing!
