It's antiquated, but like marital therapy, I think it is a useful tool for Non-Axis I behavior that interfere with quality of life. I also think that many therapists over-pathologize things, which allows them to collude with the patient and get that insurance money. Personality factors might be adaptive in one area, but not in another.
My initial/diagnostic analyst charges $400/hr, minimum 3x/week, with an expected length of treatment between 3-5 years. And they take Augusts off, but you still gotta pay for that month. Switched to a cheaper option after the diagnostics.