An electric fireplace runs on electricity, which is less expensive as compared to fuel and gas both. The heat is adjustable and can be set accordingly. This benefit was never available in traditional style as there was little control over how the fire looks. The fireplace is not heated up after usage, which reduces the chances of getting burnt accidentally. Especially with small children and pets, this is a significant advantage.
While fireplaces accentuate the largeness of a room, the rooms do not all come in one size. For smaller rooms, like a child's bedroom, fireplaces were sometimes built in the corner of the room to exploit the space there. In fact, it is now easier to install a new fire place in the corner of a room because the fireplace walls could be tapered exactly just so in order to reflect the heat more efficiently into the room.