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Converting arched fireplace to handle rectangular insert

12 years ago
The current fireplace looks something like this: http://tinyurl.com/qbz3w5j. My wife and I would like to turn it into something more like this: http://tinyurl.com/nlrboog. While we understand the need to clad the brickwork how does one go about 'fitting' a rectangular insert into and arched opening without extensive masonry work?
Is it easier to fit an electric fireplace than say a gas one?
Will we need to accept a narrower insert that fits in the archway and then use filler panels?
For those curious types, the opening is 30" wide at the bottom of the arch.

Any help and/or suggestions appreciated?

.vp