Great, been using one for years. But they are expensive.
BUT, make sure you calculate your flow needs. For example the ones I see in my local BORG that sell for about $500 dollars can only handle TWO fixtures at at time. A shower and an sink for example. If another tap is opened hot water flow decreases dramatically.
The flow rate of the water is controlled by the unit, not necessarily the diameter of the piping. If your source water is very cold the "computer" in the unit slows down the flow rate so that it can acheive the desired output temperature. When determining which size unit to purchase look at the graphs, not just the bare specs.
Some units come with "remote" controls, others call them "add ons" at extra cost.
One last bit of info. Most tank water heaters use a 3" vent. Most tankless use 4" vent, AND indicate that the vent should dedicated, that is, not joined to the vent from other appiances.
I am currently using a Noritz 6.4 gallon per minute unit (cost about $1000). This is supposed to be able to support three fixtures, i.e. two showers and one other tap. Since we only have three people in the house we have never run into the problems we had with the old unit that would support only one hot water tap at a time. We conciously do not run the diswasher or clothes washer while we shower, nor does someone try to fill the bath tub while the shower is running.
BUT I can shower for hours if I want to and never run out of hot water!
D. B. Madfes
General Contracting