Yeah, I do feel now having done NM that HM is just not worth it. I think HM would only be worth it if more people were doing it.

HM = ~30 chests, ~5 Gold
NM = ~60 chests, ~6 Gold

No brainer really for me so far. However, the main reason for this is that with a larger number of people fighting, there is a larger amount of damage, enemies die faster because of the zerg, and chests pile in really fast. I've yet to experience more then three parties fighting together in HM, but that's a regular day in NM. So yeah. NM is the winner until there is a reason to go in HM, like some kind of exclusive benefit. Which I'm not sure they'll ever do.