Definitely an "it depends" question.
Depends on which store I go to as my LHBS. I have to in the area that are about the same distance. One has massive stocks, a large staff, offers 10% discount to AHA/military, runs some specials (including 20% off). My go-to for grain, yeast, and hops. I will shop around and compare prices with online retailers for hardware and bottles. Sometimes the 10% off, even with 6% tax added back in, is enough to beat the online guys - and also depends on my "need it by when?" factor.
The other store, is smaller, usually a little costlier, doesn't offer fixed discounts but does have "loyalty program" to earn points worth $ off at a later date. They prefer to select and mill grain for customers, so I don't like not having that "hands on" experience in the grain room. On the plus side they are open a couple of hours earlier on the weekends, have some different stock choices and availability than my usual LHBS, and often have better stuff on tap in their kegerator. It's about 5 minutes closer, and I usually spend less time looking around when I go, so it's my "oh crap, the dog got into my flaked oats" brew day emergency store. On those days, I just have to bypass the kegerator...
Not everything is a one-for-one, and time 'till brew is a factor in my purchasing decisions. I like both my LBHS staffs, so I'm not too bothered by spending a few dollars more with them than by going online. I'd really, really hate to lose either as a resource.