I also have the Major Tech Timer, bought the 20Amp version for my house, moved with the thing to the new house. Still going strong (about 5 years on) had to update the time one or twice, as the internal clock drifts slightly.
Bought a 2nd one for the pool 6 months ago, notice that all the units are now 20A Units. Seems the only 16A Units actually in stock are old stock. I know the original "1st gen" 16A versions had many issues, but the 20A version seems to be decent.
As for savings (2 people household), we saved about a 3rd of our bill at time of install.
It all comes down to timing however - To really save, you need to turn off the geyser before you start to use the water, so in my case, it is on late afternoons, and on weekends it is on early morning as well.
If you turn of the Geyser after you used the water, you are essentially heating the water, just to leave it to cool down again, thus not really saving anything in the process. Maintaining water temperature is relatively low power vs actually heating water up for use.