I have an i7 940 running at 2.93Ghz which I bought about a year ago. I can up my Mhash/s production by about 19-20 if I use the CPU to mine also, and my power usage goes from 320 Watts to 436 Watts. That's a difference of 116 Watts, or 0.116 kW. Multiplied by 24 x 30.4166666, (30.4167 being the number of days per month on a non-leap year: 365/12) that gives 33.872 KWh for a month. My electricity cost is 0.0985$/Kwh, so it would cost me about 3.34$ / month to run my CPU at 100%.
19-20 Mhash/s would probably pay more than the 3.34$/month, but I find the amount of heat generated a bit troubling, and I honestly don't know how long that CPU would last running at 100% like that 24/7.
So money-wise it's probably worth mining with a good CPU, but it would be much slower to pay-off than a GPU, and generate a whole lot of heat which you need to dissipate somehow (fans, A/C?). Next winter, though, I might switch over to a computer-powered heating system for the apartment