I have an ECO SMART 24 (I think) and it was cheaper than a 40 gallon gas water heater when I bought it on sale. It draws 120 amps-- I upgraded my box from 100 amp to 200 amp, but the wires coming in from the meter are #2 aluminum, so I'm not getting much more than 100 amps coming into my house. Once I upgrade to copper wires it should be fine, but it's worth checking out whatever you've got going on electrically before making the plunge.
I absolutely love tankless water heaters, due to their size, performance, and simplicity, and the electric performs similarly to the gas one I had in my old house. The technology and price point has improved a lot in the last several years. Tankless heaters get more efficient the more frequently you use them (because you're not having to heat the coils and water sitting in the pipes as much), so a family of 7 will see more savings than a single person.