I've installed multiple block heaters in my vehicles. They normally cost ~$40.
The last I read (sorry, can't find a link) of the economics of it is that it is essentially a wash cost wise. The block heater saves you a very small amount of money by improving mileage. So, ROI is pretty far out there, but it is there. However, the other benefits are a much larger factor. Faster warm up times (quicker heat) as well as reduced wear on startup due to warm oil are the main benefits. in the case of a hybrid the benefits are even greater since a warm engine allows more engine-off use.
On a day like today when it was -8F out, I was incredibly happy to have my block heater!