IMO there is no single correct answer for everyone, too many variables.
We also changed from a wood stove (insert) to a pellet stove insert. For us, no regrets. We had a large wood burning insert. Handled 24” logs with firebox running fore and aft. Even with the fire box orientation the insert was 4 ft wide. It did have a large squirrel cage fan, ~600 cu/ft/min. For us, the pellet stove offers us better, more consistent heat.
Fuel cost is one of those variables which may or may not be the most important. All depend upon some of the other benefits of a pellet stove offers and how important that is to you.
Nothing I can disagree with from Kennyd on what he sees as benefits.
Pellet stoves are somewhat limited in heat output and somewhat small fans and your home and locale will determine if a single pellet stove can handle the need. Our stove offers 5 different manual heat settings. This cold spell we’re coming off, I didn’t need to run the stove any higher than mid-point. I have a programmable t-stat connected to my stove. The t-stat controls temp to +/- one degree, which doesn’t mean room temp will be controlled to that extent. Due to reaction time, room temp is controlled to abt 2-3 degrees. My stove is getting close to 10 yrs old. With the t-stat control, when heat is not longer called for the stove shuts down to sub-lowest manual setting. Since stove never really shut off, it doesn’t cool down much and can recover quite quickly. We do find with stove running nearly 24-7 during the winter months, we appreciate the consistent warmth it provides. The biggest maintenance needed is to keep the ash box empty. Ash box size and qlty of the pellets you use will determine how frequently clean-out is needed. Our stove has a somewhat small ash box but with decent pellets we only need to clean out the ash every 3-4 days.
Wood offers abt 8 - 8.5 k BTU’s per lb. This past week with daytime temps in high 20’s and nighttime temps abt 10-15, we were going through 50 - 60# of pellets a day.
This past summer I did pull the pellet stove for a good cleaning as I wasn’t pleased with last years performance. Blew all the exterior dust off the stove, pulled the exhaust fan and cleaned the blades that had a fair amount of crud stuck to the blades. Blew out all the internal passages for exhaust gases and found there was a lot of ash debris trapped in there. Also oiled both of the blower motors. Took abt 3 hrs for the whole operation including cleaning out the chimney pipe. When comparing all the ash clean out on the wood stove Vs what I’ve had to do with the pellet stove, IMO the nod goes to the pellet stove. Oh, the stove is performing MUCH better than last yr.
You’ll have to decide which kind of stove works best for you. Have to weigh fuel costs and benefits to make an informed decision.