They're both good and bad. If you have older pipes that are narrower than modern pipes it can take a few minutes for the water to become hot. My parents live in a hundred year old house and installed one, it's nice once it finally warms up, but it can take a good few minutes. During the winter the water is ice cold and takes even longer to warm up.
They are disappointed with it, but they had already sunk like $5,000-$6500 USD on it.
It’s actually less energy efficient since it has to heat the water right then and there whereas a tank is insulated and builds on the heated water that’s already in there. But the trade off of basically infinite hot water and a smaller footprint is so worth it.
They are quite common in the UK, and have been the default for a couple of decades now. They are definitely more efficient, compared to a tank, as well as taking up far less space. You just need to make sure the model you choose can keep up with the demand. Nothing worse than a tepid shower.
The only situation I can see them being worse is with solar. If you have solar panels then dumping excess power into the water heater is a great way to not waste it. With a combi boiler, that is no longer an option.
What pathetic human being requires hot water to sob uncontrollably and writhe on the floor of a shower? If you’re not becoming emotionally unhinged in a stream of ice cold water, you’re clearly inexperienced and have a lot to learn.