I have a free standing and a pellet stove. I think the insert is probably very comparable to the free standing plus like said above you don't loose a lot of floor space and have clearance issues with furniture and small children touching it and such. Either way I think you will be happy. Way more efficient than using the fireplace. The only downfall in the living room is dust, wood debris, muddy foot prints, etc. But if the wife ok's it you are clear. Look at Avalon stoves. I love mine but they ain't cheap, none of them are.
http://www.avalonstoves.com/default.asp
good luck P.