This thread brings up a pet peeve of mine. The whole emergency lighting system seems to be a lose/lose issue. (Yeah, I'm in a bad mood!)
Individual emergency lights:
They don't last long, are a pain to maintain, and the NEC, etc. maintenance/verification requirements are onerous and very few building owners actually do them.
They are relatively inexpensive and tie in to the nearest light circuit. They do provide emergency lighting (when they work) for power outages in their area. The whole building doesn’t have to loose power. You can turn fluorescent emergency fixtures off and on but they will go on when the sensing leg looses power. So you don’t have to have the emergency lights on 24/7, an energy plus. But, fluorescent emergency lighting is a real pain to test and maintain - especially lay-in fixtures.
What’s the realistic life time? Ambient temperature has a big effect.
For small installations, they are essentially the only option.
Emergency Generators:
Expensive first cost (generator, transfer switch, dedicated, isolated feeders to each fixture) but you definitely avoid the monthly testing bit for battery lights. You just have to be sure the generator is properly maintained, etc. One failure and the whole building is in the dark! Even if everything works like it should, as others mentioned, 10 sec in the dark on the throne or in a crowded store is an eternity!
Dedicated raceways are required. The whole building has to loose power before it comes on so if power is lost on the fifth floor, the fifth floor is in the dark - unless you provide some form of sensing for each floor, etc. - $$$.
Unless I missed something, you have to leave the emergency lights on 24/7 since you can’t effectively switch them. Not the best in energy conservation. I guess you can do some form of relay transfer at each light, but again that's $$$, complications, etc. One might argue that switching them is ok since you can’t occupy an area without lights, but I don’t see that as meeting code.
Inverters:
About the same issues as generators, just lots more batteries. At least you don’t have an engine to deal with and the lights will come on quickly.
Conclusion?
Is there one? We have to have emergency lighting, but it sure has lots of negatives for keeping them up to snuff.
“Rant off”