Greetings Jason,
I've been tossing around that same question as I'm constantly upgrading and adjusting my kit on a very tight budget. My thoughts, and take them with a grain of salt, are that an HMI is a more versitile solution if you can only afford one unit. Of course there's always the option of a rental, but depending on your needs it "could" be cheaper to own. You can always create a soft source with the HMI by banging it into a silk or board and of course when needed, you can use it as a hard source with a longer throw. A Kino unit will provide a great soft source, I'm assuming you speaking of something like a Foto-flo 400 or a Diva unit, but it won't ever give you a hard option and you'll always have to have it close to the talent. With that being said, I opted for a Kino for now because of budget but am looking forward to buying a 1200 watt HMI in the near future.