I've had a tankless water heater for about 7 years now and do highly recommend it, but, not sure it's going to get you your hot water much quicker. The tankless heater takes a few seconds after turning on to start providing hot water since, unlike a regular water heater, it's not storing hot water. However, once the hot water is flowing, unlike a regular water heater, you NEVER run out of hot water. The reason I love it is because when I had the regular water heater, I could never get my jacuzzi tub filled with hot water. Before the time the tub was full, the water was running cold. That problem was SOLVED with the tankless heater.
Just be aware that the more hot water you need at one time, the bigger the unit you'll need. For example, if you just want to take a hot shower for 12 hours a day, you can use a smaller unit and never run out of hot water. If you want to take your 12-hour hot shower WHILE doing a load of dishes AND while doing some laundry, etc., then you'll need a bigger unit.
I hope that helps! ;)