In the special case of playing time, I think re-conversion is valid, because buying more playing time basically enables you a certain number of cpu-time in their servers, which then overall translates into hardware, electricity, ...
Jugding from this direction, $1000 was saved for someone, because the server costs which would have appeared if the game time was used disappeared.
I guess per-player costs are significantly less than the full amount. For one thing, CCP wouldn't make any money if $1000 worth of subscription cost them $1000 to serve. Moreover, a part of the maintenance expenses go to fixed costs like development, which are independent of the number of players.
Jugding from this direction, $1000 was saved for someone, because the server costs which would have appeared if the game time was used disappeared.
But besides this, I agree.