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That's the issue for me... I've heard that the electric ones really don't work as well as they should (i.e. not as good as the gas ones).
Being I don't want to spend much more money on the house I'm in... I probably wont get one until I build my next house (which will have either natural gas or propane)
I think a system designed from new would be ideal, rather than a retro fit. In that case you could do a small 110 electric for each place hot water was needed, or do several Zones of gas water heaters.
When I built my current house gas was not available so I sunk a 500 gallon propane tank, mainly to heat with, and to fuel the gas logs. We have two heat units, and I recalled how much electric cost when I lived in Denton. However, I decided to go with electric on the hotwater tank, mainly because I fear a flame in some areas, even though it is not an open flame. Plus, during the summer, I won't be using propane at all. When I had water piped to the shop, I installed an instant electric hot water heater under the sink...wish I had done that with all the sinks in the house...