Whether or not this "madness" pays for itself is highly dependent on how much you value your time. If you are a lazy person who would rather write a check and then flip on the TV to catch the game, or have a negative opinion of wood heat, or are some kind of tree hugger, then it sure won't pay for itself. However, if you like to cut wood and value your time as a hobby pursuit, then it's worth every cent.
My costs: JD4100 with a bunch of attachments - $13,000. I'd have this even if I didn't burn wood. So - zero cost.
Chainsaw - MS361 - $600. I would probably still own a chainsaw for work and occasional tree trimming. So - let's say zero again.
Protective gear, sawchains, all associated chainsaw stuff. For the sake of comparison, let's say that all is consumables and costs me $150 per year (including fuel and oil).
Log splitter - $2500 TW-P1. Would NOT have this if I didn't burn wood. Same for the $150 or so worth of sledgehammers, mauls, wedges and axes I already had. You can even throw in the bowsaw and loppers.
Central Boiler CB5648 OWB, plus all piping, plumbing, electric, etc. and Dual Fuel option. Call it $18,000. OK, that's my only heat source for my entire house, so lets figure the cost of an indoor oil burner or propane burner. Probably $8000, so I have $10k invested over and above the indoor stuff. Assume I'd direct vent, so no chimney.
So let's say the splitter and boiler have a 20-year life expectancy, that's really my only cost (wood is free - my own land, my own labor, and I have a pickup truck for work anyway). $12,500 over 20 years is - $625 per year. Can I heat my house for $625 per year in oil and propane? Hell no. I'd figure 1200 gallons of propane at $2.60 a gallon anyway, that's over three grand that I don't even have. I could even figure in that the log splitter and chainsaw could be included in the "consumables" if you add another $150 per year over 20 years. Replacing the boiler is a wash - indoor boilers fail too.
The bottom line is, is it worth burning wood? You bet it is. Even if I bought it cut and split, it would only cost me around $1600 per year to heat the house (and domestic hot water, I might add) instead of the $3k+ for propane, or oil.