We should all use this kind of thing. My flat is 50m^2 to have a frikken huge geyser in there is crazy. This thing:
a) never runs cold, it can pump out hot water all day
b) is available on demand- as mentioned, as much as 30% more efficient
c) probably cheaper to install and maintain
d) less/no damage due to bursting
e) saves space
These things have been available for years, yet they have not become the standard in flats. WHY?
DO you have one of these units?
I can assure you the cost for a setup like yours will be 1 third of the price of a geyser.
And as you rightly say: It is aestetically pleasing, consumes less electricity, saves on water and cost less.