When we replaced a 16 year old water heater this spring, we went with the GE heat pump water heater (Geo-Spring?). Although it includes resistance elements for backup / supplimental heating, I set it for e-heat mode which prevents the heating elements from ever coming on. We have never run short of hot water. We got it on sale & even adding in a 10 year full coverage warranty we paid more than a hundred less than the list price...
I believe that only heat pump or solar pre-heat systems can really significantly reduce water heating costs. I think the only significant pluses for tankless water heaters is that they take up less space & don't have a tank as a potential point of failure - current well insulated tank models don't lose that much heat on a day to day basis...
Nick