flybye - we are also considering this. We purchased a home in 2001 that was built in 1981, along with the electric water heater (we have no idea if it is original or not). Last year we replaced the heating system with a high-efficiency gas furnace with a heat pump backup - love it! Big investment but much lower monthly energy bills. I expect the same thing from the hot water heater.
Please keep everyone posted if you decide to go ahead with this. We are waiting until the hot water heater dies as well....
"When I'm on my bike I forget about things like age. I just have fun." Kathy Sessler
2006 Independent Fabrication Custom Ti Crown Jewel (Road, though she has been known to go just about anywhere)/Specialized Jett