Yes I have one, yes I've had it for about 18 months now in Phoenix Arizona
Mine is electric, but gas are available
Pros:
Lower energy bills since you only heat water when you need it
It's HOT
and it never never runs out (30 minute showers anyone?)
Cons:
Not suitable for families (usually) as it only will feed one outlet at a time (some folks add under sink heaters to assist)
Lower water pressure (you actually have to dial down water pressure so the heaters have time to heat the water)
Higher install/initial costs
Ok here's my review:
I LOVE the darn thing! But it's only Hubby and I so we only need one spigot at a time. We shower together or one after another. I only do dishes once a day and laundry once a week.
As far as the lower pressure thing, it never bothers me. We have low flow shower heads and the water is so HOT we mix in enough cold water so I never notice the lower pressure.
As far as "how fast" it takes less time to get hot water in the far bath than the old tank system did. So on that I'd don't notice a difference.
here's a website with more info, ask me questions if you need to and I'll do my best
http://www.controlledenergy.com/#