This is just me, but if it's cold enough for a fire, I'm not going to be outside.

A Fire Pit is more functional especially outdoors. Pits are becoming a huge trend- especially gas burning pits where you can easily have one built with an on/ off switch or a gas timer.

I have had both. Couldn't stand all the smoke in my lungs and on my hair and clothes from the fire pit so we went for fireplace in next house. Much better and my lungs are happy.

Firepit!

Fire pit
We had a great fire pit made out of stone, and we used it when we had gatherings. Inevitably, one group always had to deal with the smoke in their face. However, it was a great outdoorsy feeling at our oyster roasts (smores always) and we could have multiple chairs around it and prop our feet up on the stone. Also, everyone could feel the heat nicely.
Fireplace
I went to a friends party last year where they had a beautiful covered stone fireplace area by the pool with a couch and chairs and it was heavenly and no smoke in our faces. The atmosphere there was more formal feeling, but luxurious. I ended up having to stand next to it to feel the heat, but it made me want one in the future.

Check your local ordinances. Some areas have "outlawed" outdoor fire pits, fireplaces, and even charcoal/gas grills to prevent brush/forest fires in dry seasons.

I love my fire pit

You’ll need to answer a few questions for yourself before you decide either way. Do you want to have a larger group all have access to the flames/heat at once? Then a fire pit might be the better option. How much does smoke bother you? If you hate having to move out of the smoke every time the wind blows, a fireplace is a better solution because it guides the smoke up through the chimney. Do you want to use wood, natural gas, propane or gel? There are pros and cons to each of those in both fire pits and fireplaces. Do you want it to be a visual focal point for the yard or more of a functional gathering place? Fireplaces can be built to be stunning focal points, but have less options for seating, while fire pits are better for gathering.

Working with a landscaping company might be your best option for deciding- they will know what questions to ask to figure out what fire feature will be best for your needs. Either way, both add value and additional entertaining space to your yard.

You’ll need to answer a few questions for yourself before you decide either way. Do you want to have a larger group all have access to the flames/heat at once? Then a fire pit might be the better option. How much does smoke bother you? If you hate having to move out of the smoke every time the wind blows, a fireplace is a better solution because it guides the smoke up through the chimney. Do you want to use wood, natural gas, propane or gel? There are pros and cons to each of those in both fire pits and fireplaces. Do you want it to be a visual focal point for the yard or more of a functional gathering place? Fireplaces can be built to be stunning focal points, but have less options for seating, while fire pits are better for gathering.

Working with a landscaping company might be your best option for deciding- they will know what questions to ask to figure out what fire feature will be best for your needs. Either way, both add value and additional entertaining space to your yard.

It's all about personal preference really. A fireplace might be better for more intimate gatherings or contemplative lounging whereas a firepit might be better for social gatherings.