Yes, half a share per henchmen. It might seem expensive but these people are putting their lives on the line and no one is forcing anyone to use them. If a player wants to he can hire some help. Bear in mind that 3.5 is designed around a party of a small size (4) and the CR and XP are all calculated in the base system around this assumption. So the henchmen system lets players bring far more to the table than this; however their rate of advancement is slowed accordingly, which it should be. It's not some kind of cheat, but a powerful option for players who can carefully weigh the risk/benefit ratio. As a first level solo mage, hiring 4 henchmen is a no brainer.
Also, if a character dies, no problems, here's the henchmen, here's his XP, go give him some class levels and let's carry on playing.