A 50-gallon direct replacement is $280 at Lowe's.
You're going to expend the same effort to install a crappy water heater or a high-quality one.
Compare the efficiency rating of the Lowe's model to the selection at a real (specialty) plumbing store. For example Bradford-White and Rheem carry lines of very high efficiency water heaters. More cash up front, same labor, much lower energy use over the next 20 years. Start here:http://www.energystar.gov/ia/new_homes/features/WaterHtrs_062906.pdf
Things to check before you buy:
1. Is it worth installing solar water heating in your area? That depends on your winter weather, local/state subsidies, and the local electricity prices.
2. How hard is your water? Is it worth adding in a whole-house water conditioner while you're replacing the water heater?
3. Does your local electrical utility offer you a rebate for buying EnergyStar, a particular brand, or efficiency rating?
4. Does your local utility offer a "load-shedding" program? Our HECO pays us $3/month for the privilege of connecting a pager to a circuit breaker on the water heater. When the island's electrical load gets too high, they can dial that pager number and pop the breaker on my water heater (along with a few thousand other homeowners) instead of cranking up another electrical generator. The outage is only supposed to last for an hour or two, and I have never noticed it ever happening (it doesn't report its status). But I notice the $3 discount on my monthly electric bill.
5. Does your local utility or trash service offer you cash to haul away your old water heater? This encourages homeowners to upgrade.
6. Due to their construction, water heaters have to be hauled in an upright position-- usually a pickup truck or a delivery van.
7. Before you install the water heater, remove the anode rod and install Teflon thread tape. Then put it back in and torque it as tight as you can. This requires the special tools of a 1 1/16" socket (probably a 3/8" drive) and maybe a breaker bar. It makes it much easier to check the anode rod every 2-3 years to ensure that you'll get at least 20 years out of your new heater.
8. You probably want a water heater blanket, and you probably want to install that before the earthquake strapping.
9. As noted earlier, buy yourself a new pressure-temperature relief valve. Don't re-use the old one.
10. You may want to replace the valve on the water supply to the heater. It's probably 20 years old too.
11. After you drain the water out of the old heater, you may still need an equipment dolly and strapping to get it out of the house. Those mineral deposits really put on the weight.