Most people I know do not travel Tokyo - Nara and back. They enjoy taking more time in a place while keeping the door open to day trips of course. If you spend more than 1 night in each place and want to do small distances (think Fukuoka to Hiroshima) it really is impossible for it to become a bargain.

Again that's my POV, but since the price hike I've never met someone who got a good deal with the JR Pass.