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I have a Rinnai that Ive had for about 6 years now. Does it save me money on my water heating bills??? I have no clue!!! BUT I love the fact that there's always hot water, it never runs out. I also love the fact that its not heating water when there's noone home or while we're sleeping. I've never had any trouble with it and I dont have to worry about it flooding my house like a traditional water heater.
I dont think it takes long to heat the water. I will say the biggest complaint my wife has is that when she's rinsing dishes, the constant turning on/off of the hot water seems to delay the hot water. But turning it on for hand washing or a shower takes no longer to heat up than a traditional water heater.
If mine bit the dust today, I'd replace it with another tankless unit.