Yes - the new tankless units are nothing like the low end stuff we saw
in the past in Europe. Today - the new units are computer controlled -
and are relatively bulletproof. Some are 92% efficient. They have
digital wall gauges that allow you to tune in the temp you want within
one degree.

I am planning to replace two 50 gallon electric water heaters with one
unit - Rennai - Bosch - Akagi.

My city give a $450 rebate for converting and electric water heater to
gas - so I may put two in the house - that way I have one as a back up
:-)

Harry