High velocity systems are nice because you don't have to deal with much duct work and can have a gas system in the basement.
Split system electrical units could also be placed in certain rooms that you spend more time in.
Make sure to consult a contractor when evaluating different systems to find the best solution. Not all might be possible.
Will Jenkins | http://www.mikecurrieelectric.com/
As long as you're living there, you should do the math to figure out the payback period of switching your heating source (and your air conditioning, if that's involved). Get bids from several HVAC contractors; they should be able to do the basic calculations. Double-check their numbers, though, with the local utility companies.
If you're planning on selling, find out from a Realtor what buyers expect for your type of home.
Also, you note in your question that oil heat "is too expensive." If cost is the driving factor, then be sure to look at other steps you can take to reduce your heating costs: Better insulation in the attic, sealing around doors and windows, possibly replacing old, leaky windows with tight-sealing ones, electronic thermostat, furnace cleaning, and so on. Sometimes your local utility company will offer a free or low-cost analysis. Otherwise, you might have to spend some money on the analysis (unless you know, for instance, that you've got a problem that should be fixed). But the payback period is likely to be pretty quick.
I have natural gas myself, but have friends who have radiant electric heat and even though it does dry out the home, it seems to be very economical. I will be witching this thread......
Thanks for the great question......