I have experienced a few over the years... the first (when I was a kid)
was not a combi, but a multipoint. That replaced a electrically heated
cylinder. It was fairly crude and not passively powerful. You needed to
turn a tap on fairly hard to get it to fire at all, and when running it
could only deliver about 9 or so lpm of hot water. You had to learn to
not turn taps on too hard, or the temperature would fall. So it had its
limitations, but in one respect was a massive improvement on the system
it replaced, it meant there was hot water available all the time, which
was a big step forward. (the cylinder was manually controlled, and non
thermostatic - so got turned on twice a week to heat water on "bath
nights". It was also not lagged!)
The second was a combi made by Main. Slightly better than the multipoint
for maximum flow rate but in other respects similar. However that was a
*massive* step forward since it was the first time we had CH, and the
first time the house was properly warm in the winter.
First house I bought, had a stored hot water system heated from the CH
boiler. It was poorly implemented and not very good. Showers were
feeble, reheat times very slow. Bath filling was better, but not by
much. When I did a loft conversion on that place, it meant all the
stored water kit needed to go, so I fitted a 35kW modulating combi. That
was the best so far, it would do one excellent shower, or two ok showers
at a time. Bath filling was on par with the previous stored water system
but without the limitation of continuously running out of water.
This house had an even more crap gravity hot water system. Not enough
water, pressure, slow reheat - you name it, it failed doing it. That I
replaced with a mains pressure 210L unvented cylinder heated by a system
boiler. Certainly the best system yet, although three times the price of
a decent combi.
Others I have encountered include a modern combi in a small semi, with
one shower room only. Absolutely ideal - it meets every demand made of
it, and saves space and uses far less gas than the Ideal Mexico cast
iron lump it replaced. It meant the small bathroom could be adapted for
its elderly occupant with a walk in shower and lots of other easy access
facilities.
No system is perfect. but in the right circumstances, a combi can be the
best compromise.