What I look for in an emergency use generator is not one that will allow all the usual comforts and conveniences we take for granted. I want something that will allow us to survive adequately until line power is restored. This would include some lights, the ability to charge computers and phones, running our water well and most importantly running the fridge and our upright and chest freezers. We can live without the washing machine and dryer, the heat pump or air conditioner. (fans in summer, wood heat in winter).
We built the house with a generator transfer switch wired in which allows for the well pump at 240v and 4 additional 120v circuits. One for fridge, one for freezers, one for microwave and one for living room lights and outlets. I have a long cord I made up that reaches out the basement door to the generator.
We get by with this 5kw generator and have used it twice for hurricane outages and once for an ice storm. We have used it a number of other times but those three events were multiple days. We and our neighbors are literally the end of the line so we expect to be one of the last people restored if the outage is local.
I think that often, when there is a widespread calamity like Sandy, a lot of money is spent on generators that goes far beyond what people can get by with. In reality, most power outages are not that long lived. The longest one I've experienced was 3 days. (x 3)
Because of the temporary duration of outages, I think fuel economy is really not much of a consideration. If a person burns 12 gallons or 24 gallons for an event that may happen only once per decade, big deal. The big thing is to have SOME KIND of generator. They have been around for 50 years and can be found everywhere used and new. No excuses unless you live in an apartment or some other type of housing where you can't store one.
Generators can be shared. Go in on one with your neighbor. Cheap insurance. They don't have to be run 24/7. A couple hours will chill the fridge and freezers and then shut it off for half a day. etc. And if you have one. Get it out twice a year and run it for 30 minutes to keep it in a state of readiness.