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Cons, price. Assuming you don't buy the cheapest crap out there.
I have 3, one for kitchen, one for bathroom, and one for flooring(radiant heating). Two are natural gas, one is electric. Have had them for 9 years now, and I just did maintenance on all 3 last year for the first time since installing. All I did was run two bottles of CLR (between all 3) through it to descale mineral buildup. I would hope the ones you can buy today are even better. You save time and water, plus they use less gas/electricity than a traditional whole-house tank heater.
I have 3, one for kitchen, one for bathroom, and one for flooring(radiant heating). Two are natural gas, one is electric. Have had them for 9 years now, and I just did maintenance on all 3 last year for the first time since installing. All I did was run two bottles of CLR (between all 3) through it to descale mineral buildup. I would hope the ones you can buy today are even better. You save time and water, plus they use less gas/electricity than a traditional whole-house tank heater.