Picture windows are a very nice feature to have in a house. Their large size lets in a lot of natural light and can really add some nice detail to the front of the house while creating some great views on the back.
Another nice thing about about them is that there are very airtight, the fact that they don’t open and close creates a tight seal and doesn’t let in a lot of drafts.
But there definitely are some disadvantages to them, older ones with inefficient glass will let it harmful UV rays fading curtains, furniture and carpets quite easily. Also heat escapes right through the glass in the winter and penetrates from the outside in the summer.
Also they are typically in common areas such as living rooms and dining rooms and the radiant cold can make those areas uncomfortable compared to the rest of the house.
With today’s glass technology you can have the best of both worlds when you replace your picture window. You can keep all the natural light in the great views while cutting down on harmful UV rays and heat loss and gain.
Here are a few articles that go in to some of the features of then and may be helpful when considering picture window replacement.
Picture Window – info on types, uses, & local installers “Though most people who already have one are reluctant to get rid of it, picture window replacement is a good option if your windows are very old or damaged. Since older windows of this size aren’t good insulators, those who live …”
Replacing Picture Window-Do-it-yourself.com “I have an older picture window that is approximately 50″ (tall) x 90″ (wide) that is double pane and has gotten dirt in between the panes. On either side of the window are a double hung (approx. 12″ wide, same height). It looks like all that is between the double hung and picture window is a 2×4? Anyway, it will cost approx. 400$ to get it replaced (installed price) and probably 250$ to replace both double hungs. I’ve been thinking about replacing everything however with a bow window slightly smaller than the entire opening…”
Replacing Picture Window-DIY Home Improvement “I’ve been replacing all the old wood 40+ year old double hung windows in my house with vinyl pocket replacement windows. I have one window left, a large picture window with a double hung on each side of it. I took the inside trim off of it and I can take a putty knife and run it all the way around. Would caulk and the trim be the only things holding that window in place? I can order a replacement picture window, how would it install (the other replacement windows you can put screws through the side of).”
VIDEO: Here’s a video on replacing just the glass of one. I must say that this job is not for the faint of heart, if you’re an experienced DIY’er you may be able to pull it off. I would definitely recommend suction cups though. 
Some people are not too crazy about picture windows, I have seen instances where people will replace one flanked by two double hung with three single double hung side-by-side in its place.
You could expect the replacement cost to range from $500-$1200 depending on the type of material in the actual size of just the window. But don’t forget typically they have flankers on each side and you’re going to most likely have to replace those also, which will increase the cost.
If you have any questions and what a picture window should cost or any window for that matter you can find me on Facebook and just post a question to my timeline I will be happy to answer.
