it depends on where you live, cost of different sources of energy, and wether ground loop is required to determine if this type of heating is for you. I live in a place that has one of the lowest electric rates in the country - in fact there are many homes here heated with electric resistance heat and usually cost less to heat than with gas or oil. Geothermal uses even less energy.
Energy usage with geothermal is one of, if not the most effecient systems available as far as amount of heat output per unit of energy input. Another benefit that is not always mentioned is the fact that when you are using your heat pump for cooling most geothermal units also have a hot water generation circuit run through the heat exchanger to allow the heat you are trying to remove from your home to be dumped into your water heater and therefore use less energy heating water - this hot water energy is virtually free as long as you dont use the heat faster than it is created.
I installed a geothermal system when I built my new home four years ago and am very happy with it. I have most of the pros and very few cons working for me for using this system. I have an open loop system. This does not require installing ground loops or additional wells or any of the expensive ways of obtaining a heat source. Water is plentiful here and dumping it on the ground is not a problem after it passes through the system because I have no neighbors nearby and the soil is so sandy that it is absorbed fairly quickly.
I needed a well for domestic water, so that is an expense that was going to happen anyway. The only install expense that I really had that I would not have had with an air to air heat pump was installing the water discharge line
(plus I also had a sill cock installed so if I wish, I can run discharge water on my lawn which needs a lot of water since the soil is very sandy)
My electric bill is the only energy bill I have and it is lower than what I had before in a smaller home with gas heating system.
this system does have electric resistance back up heat as was posted by others as a concern, but with 55 degree constant heat source is almost never needed. I usually don't even turn on the breakers supplying the backup heat to insure it does not run, if you turn the thermostat up more than a couple degrees it will run to try to catch up faster. The only time I have turned on the breakers for backup heat was when there was problems with the water valve and I did not have any other choice.
This system is not for everyone, as I mentioned before, what it takes to get your heat source is the determining factor. If I did not live outside city limits here it would be completely different, drilling a well in town may not be allowed in some cases, and city water would be too expensive to use for this purpose.