The cost is not much of an issue if you are travelling as a family. Private plane's can be economical since they are fixed cost, regardless of passengers. From a time standpoint they are hands down winner. No TSA, you can't miss your flight, weather is actually less of an issue (at least en-route weather is) and NO connections.
The drawback is that if you buy a jet, then you are stuck with one profile/size. Advantages of fractional ownership is that you can choose which plane you need for the particular mission. Raleigh to Vail for a weekend of skiiing with some friends is a slightly different aircraft than a Chicago to Paris summer trip for two weeks with the wife and kids.
Most people don't realise that the purchase cost of the jet is not the problem. They have low relative depreciation, as long as you do the upkeep.
Unless you are a CEO though, a private jet just for your one-person business trips will never cut it. A General Aviation piston or turboprop aircraft may meet the bill if the distances aren't that far. Just ask the oil industry.