I read this today and found it interesting. The key take away point...the way they measure "EF" (energy factor) for hot water heaters is very unreaslistic. So if you think you're purchasing a tankless hot water heater that is has an EF of 0.95...you may be in for a surprise as real world measurements have shown this to range between 0.62 and 0.89.
http://www.greenbuildingadvisor.com/blogs/dept/musings/are-tankless-water-heaters-waste-money
Here's a link to the published data too:
http://www.mncee.org/getattachment/7b8982e9-4d95-4bc9-8e64-f89033617f37/
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