Wow - maybe you guys should start your own thread about left-hand taps

- May I suggest "you know what really grinds my gears... taps"
Well, yes and no... we're being careful to state that part is TINY and not worth it!
If your geyser has no leaks, no pipes and you don't use any hot water at all; then yes, the only saving you'll get is from standing losses from the geyser. You also get 'losses/savings' from:
A. Losses along the pipes - i.e. every time you run the tap and wait until it's warm, that water is being taken from the geyser and left in the pipe to cool again. I worked it out for me once, and it was quite small, but I live in a flat...
B. Any leaks/drips are better at 40 degrees, than at 60 degrees... although yes, sort out the leaks!
C. Standing loss performance likely IS NOT like the standards, often worse... if there's a draft, or the insulation is broken, or pipes aren't lagged coming out etc...
D. Apart from showering, bathing etc, most of the times you use hot water (or at least turn on the hot water tap) the temperature isn't critical; so generally people happily use water at 40 degrees rather than 60 degrees, thus reducing the amount of energy they are washing down the drain.
[PS - on this point, why are you washing dishes in burning hot water?? you know it doesn't 'kill the bacteria' right? just hurts you...]
As an engineer - I know where you're coming from - the difference in heat-loss on a well insulated geyser between it being at 55 degress or 60 degrees is VERY small... and not worth the effort.
But as an energy user - and as someone who helps other people with their energy use - I know from experience that leaving my geyser on my electricity bill was R500/month, but with it only on when it got too cold, it was R300/month (small flat... Century City... 2 years ago...)