Toaster oven is superior. I don't mind the counter top space because it is a superior appliance.
Mine toast both sides, as there is a top and bottom heating element. It's was better for reheating pizza than a microwave (takes longer, but the end result is way better). It's really handy to have a smaller secondary oven when cooking big meals. I roasted a turkey breast in mine last year, while the stuffing cooked at a different temp in the oven.