Gas Instantaneous Hot Water units are the no frills work horses!
I have seen some of these unit up to 17 years old.
Technology that has been tried and proven for over 30 years.
The P and H on these models denotes pilot and hydro-power.
Personally I'm a fan of the pilot light models, based primarily on their simplicity and the age of the units I've seen working perfectly in the field.
However, some plumbers prefer the hydro-power. These units have a little wheel inside them, which turns under the flow of the water. This turning wheel generates a spark, which inturn lights the burner.
The advantage to these units, is that the pilot light won't blow out in windy installations and that you don't need a power point for ignition.
Which ever model you choose, comprehensive warranties and proven technogogy should ensure years of trouble free hot water.