Pellet or Wood or Fireplace?

I have a fireplace in my house that was covered with drywall by the previous owner. With oil prices around $4.00 a gallon now (and going higher), I need an alternative. I like the aesthetics of a fireplace, and loved my sister's wood stove. I also like the fact they will heat if the power goes out. My wife prefers a pellet stove which she thinks is more efficient. What's the right choice?