How much does a "no-cost" home loan really cost you?

Many banks are promoting their "no cost" or "no fee" home loans and everyone has heard that there's no such thing as free.  These no cost home loans really don't offer much advantage.  You will pay for all of the traditional fees associated with obtaining a loan in the long run through an increase in your interest rate.  Additionally because most loans aren't procured without these fees you are losing the tax deductibility of the origination fees that are normally charged when you obtain a home loan.  They claim no fee but does it really save you money?  Not in my opinion.