One of the primary benefits of a ventless gas fireplace is that you don’t lose any heat up the flue. That’s because there isn’t a flue, of course. (The potential problems with indoor air quality, however, outweigh any benefits, so don’t run out and buy one just yet. Or ever.) That ought to make it a winner for heating efficiency in comparison to any vented heating appliance, such as furnace or boiler. Even the highest efficiency condensing furnaces still lose some heat in the exhaust gases that go up the flue.
An energy conversion conundrum for building science geeks