If you have the budget for a chimney (read:traditional masonry structure from foundation to roof) I'd put one in. Needn't have a hearth, just thimbles for an alternate heating source. If you never lose grid power, or are fitted with your own off grid source, this becomes moot, excepting the solid permanent "homey" feel that well laid stone or brick presents. Note that they represent thermal mass as well.

My house has no chimney - and I don't miss it. Down here (I'm assuming you are in the north) every new house has direct vent fireplaces and no chimney. That being said - some custom builds will decide to do wood fireplaces and have a chimney but that is the minority.

Alphonse - how very few people rely on electricity alone for heat? (in a new house outside of Florida, TX, AZ, CA, NV - well that is 1/3 of the country)

"Alphonse - how very few people rely on electricity alone for heat? (in a new house outside of Florida, TX, AZ, CA, NV - well that is 1/3 of the country)"

Name a system that doesn't use electric as a control source.
I know some Amish use propane and no external grid.
Most other people of my acquaintance are flat out of luck when power is down, unless they have a generator, regardless of the main fuel. Don't forget (besides ignition and control) circulators and fans.
The south is another topic.
"Steep shake roof with dormers" sounds Yankee.

We have two direct vent fireplaces and no chimney. I wish I had a chimney ( for looks).It was way too expensive.
No one visiting has ever noticed that we do not have chimneys.

I would like to have a chimney as well but I'm trying to cut my numbers and frankly I just don't think I'd notice whether the house has a chimney or not. I appreciate all the feedback because not everyone sees things the same way and I needed some input from other peoples eyes.

Thanks to all :)

Builders in my area generally don't build chimneys when they install direct vent gas fireplaces. I don't.

However, where chimneys, often multiple, are a design element of the home, it still makes sense to have them.

The cost is not all that great, as the "chimney" is really just a veneer on a wood frame.

I'll try to post some examples to show what I mean.

"I would like to have a chimney as well but I'm trying to cut my numbers and frankly I just don't think I'd notice whether the house has a chimney or not."

My recommendation for a chimney was not in the aesthetic sense but rather as part of the home's energy detailing. Money is wisely spent on that which cannot be changed easily later, whether foundation drains, insulation or chimneys.

Alphonse - Since a direct vent fireplace is worlds more efficient than most other fireplaces and it doesn't require a chimney, how is a chimney "part of the home's energy detailing"? You make a good point about control systems based on electricity but that only requires a small generator to overcome. Yes - there is some heat sink but building a masonry chimney is not exactly a cost effective tool for reducing energy use.

David Cary, I can present no argument against direct vent appliances or anything that contributes to greater efficiency in fuel use. And I agree that a large thermal mass without a heat source is not cost effective, unless it serves additional structural function.
If one is in a situation that permits fuel or dual fuel such as firewood, pellets, corn,coal,etc., my point is the money spent on the chimney may be an investment worthy of consideration but cheapest to enact from the git go.
My thoughts pertain to those in the north where below freezing temps for 8 weeks or more are the norm.