I run all 3 fuels mentioned in this article. My favorite is electric just for pure simplicity. My favorite rig is my 1/16 Revo VXL, the little brother of the eRevo Brushless Edition. Electrics cost a bit more to start (chargers and extra batteries) but end up being about the same or a bit cheaper than the nitro versions.
Nitro is the standard in the hobby right now. My only real complaints are the noise and the cost of fuel ($25-50 gallon).
Gas has great run times and relatively long run times. I average about 45 minutes a tank on my Baja 5b. Fuel cot is low (about $3.50/gallon currently plus 2-cycle oil). The only downside is the cost and the size of the vehicles ($600+ and 1/5 scale).