According to what I’ve read, a ton of wood pellets is equivalent to a ton and a half of hardwood logs. A hardwood pulpwood cord generally weighs between 5,400 pounds and 6,075 pounds (or about 3 tons). So that means a ton of pellets is equal to about half a cord of hardwood. A ton of pellets costs about $235. Half a cord of seasoned hardwood costs about $100. So $235 worth of pellets is equal to $100 worth of wood.

According to :
http://www.fpl.fs.fed.us/documnts/techline/fuel_value_calculator.pdf
It takes 0.065 cords to generate a million BTU. It takes 0.075 tons of premium wood pellets to generate a million btu. The prices in the PDF are old, so with updated prices ($200 for a cord of season hardwood, and $235 for a ton of pellets), cordwood costs $13 for a million BTUs (0.065x$200), and wood pellets cost $17.63 for a million BTUs (0.075x$235). And that cost for the cordwood is delivered, where the cost of the pellets does not include delivery. Wood is still cheaper.

And here is another Fuel Cost Calculator:
http://hearth.com/articles/47_0_1_0_M7.html
It calculates for hardwood $11.43 per Million BTU of Heat delivered to home. And for pellets $20.81 per Million BTU of Heat delivered to home. (based on $200 for a cord of season hardwood, and $235 for a ton of pellets).

And from what I have heard, some places are having shortages of pellets because of the demand. And the price of the pellets is expected to increase due to demand. I was told that in some places pellets are currently going for over $300 for a ton.