Generally, no, I don't see package deals cheaper than buying separately. Quite often, they are substantially more expensive than booking separately.

My one personal exception was similar to Tide_from_PAE's: we once booked an America West vacation package to Vegas that included rooms at the Excalibur for about 10% less than just booking flights alone. Very late night flights both directions to/from MCI...to this day the only time I can recall flying out of MCI at 11PM-ish, and the only time I can recall flying back in on something resembling a redeye. Crappy airline. Crappy hotel. Very cheap. Just the way recent college grads want it. (1996 or so.)