I imagine in cold climates that the electric used for the system converted to heat would equate to home heat savings.
Umm yes and no. What you're doing is using electricity to heat your home instead of natural gas. In most places I know of electricity is cheaper than natural gas/heating oil so yeah I guess you would be saving $ on heating costs. The thing is that you'd have to figure out some way to push all that heat from the miners and circulate it around the house. I wonder if anyone has setup a ghetto rig to push the heat into a furnace's ducts.
I have a fireplace with a heatilator (sp?) circulating system. I suppose I could place the mining rig there and use a video monitor to display a GPU generated fireplace display.