Neighbour has one hooked up to supplement his wood stove when he isn't around or if it gets very cold. He left for a wedding after he installed it in December, so I was the one that got to learn how it works. It's supposed to heat 2500 square feet, which I think it could do in a well-insulated house.
At high fan and feed settings (to heat 2500 square feet), it will go through 2 bags of pellets a day, or about $10 worth - so your going for convenience, not economics.
friends in Mo had one they had heated with wood for yrs and had to buy all of their wood
They said buying the pellets and the wood ran about the same and the convenience of being able to fill the pellet stove up and leave it for 24 hrs was so much nicer than the wood plus was a lot less messier
They said they could save some money on their pellet by buying them in mid summer they always bought them by the pallet which was a ton I believe
We've had one since we built this house. Winter weather is not as severe as many of you have but it does a good job down here. A 40 lb bag of pellets last several days if you don't set the thermostat too high and have the pellets feeding to fast and after burning 8 or 10 bags of pellets you still only have about a cup or two of ash which you simply vacumn out quickly and easily. Being a closed system with a blower on it you don't loose heat like with an open fireplace. Been using it now for 16 years without a hitch so when it goes out I definitely will put another in.