SS-
Mr. Wader makes a good point on the cost factor.
I think an insert would be the way to go in an existing home where there is already a fireplace.
If you are building anew home, I guess the only advantage of building a fireplace and adding an insert would be for either you or the next owner having the option of removing the insert sometime down the line and still having a fireplace??
Regarding the heat itself, I'm lucky in the fact that the fireplace and firebox itself in my house was huge so i was able to go with the Clydesdale which is big and throws lots and plenty of heat. I can't definitively say how much heat is thrown from a smaller insert vs a stove.
My house is approx 1800SF and for the past 5 years I've burned very little oil for winter heating and only touch the thermostat when we get into extreme cold when it stays below 15 degrees for a few days.
Again, not an expert at all but I would think an insert sized appropriately for the SF in the milder climate in VA would generate enuf heat for you....