It's been many years since I was involved in commercial PCBs, but here's my understanding;
Regular PCBs are made on a fiberglass substrate, a VERY inexpensive material.
Flex circuits are made on something like a very thick (relatively) Kapton-like material which is a lot more expensive.
Long linear material, like the LED strip stuff, where the pattern is simple and repetitive can actually be made by screen printing the pattern with a conductive material, and then plating the copper on top of that. On a lot of flex circuits if you look on the metal side you see copper, but if you look at the back side through the substrate the patterns all look jet black. While the substrate is still more expensive the producer completely eliminates all the photo-lith etch processes, and saves a boat load of money.
An aside, most people don't know that flex circuits with components mounted are not rated to be continually flexed. You'll get micro fractures where the components are soldered. Thus Ladyada's LED belt isn't going to last all that long.