If price is your main concern, heated grips cost from $50 to about $125 (as of 2010) depending on the quality, size and type of vehicle for which they are manufactured. Gloves, on the other hand, start at about $80 for glove liners to about $200 for the gloves.
Grips are fitted for the handlebar and are always there when you need them. Gloves can be taken with you and used while riding more than one motorcycle or ATV as long as the other bikes are properly equipped.
Heated grips only heat the underside of your hands while gloves heat the top as well. Heated gloves can be connected to other heated garments, such as head gear, jackets, pants and socks.
Heated gloves cost more than heated grips so, if you do not do ride much in extremely cold weather, consider grips. Heated grips come in handy when you venture out in warm weather and find it much colder when you return. Regardless, choosing is a matter of preference, need and budget.