I have built both, electric. In terms of cost and temp control capability, they are equal in my mind. They are very precise. More precise than is required. Control of both, is equal as well. You could use one of my HERMS panels and operate a RIMS with it.
On a certain level I see the HEMS as more precise, as you have a big thermal buffer in your HERMS HEX, in a RIMS you have a heating element that is On/OFF with more swings in temp. They are brief and quickly diluted, but the HERMS wort will NEVER EVER get hotter than the HERMS HEX temp.
Temperature ramping will be faster with the RIMS, for obvious reasons, there is no thermal buffer, no thermal mass to change.
Either will allow you to run a two vessel system if you like, which is cool. With a RIMS you could go to one vessel!
In my last system I chose RIMS, before that I used the HERMS. I build my water from RO, so I prefer a RIMS setup, otherwise I am building a huge tank of water in my HLT, to keep my HERMS HEX submerged, that I will not be utilizing for the sparge, you know?
Costs, are equal. Performance, equal. Speed to ramp temp goes to RIMS. Heater temp stability goes to HERMS. I prefer RIMS because it negates the need for a big tank of hot water that I personally dont use.
You could use a SMALL HERMS HEX, if you have a counterflow chiller. Pump HOT water through the counterflow, wort through the other side. Then you could have a VERY small HERMS that would ramp quickly, and the HEX doubles as your chiller after the boil.
Lots of possibilities if you think outside the box. 7 years ago, electric brewing was outside the box