Tank vs Tankless water heater

I have a water heater that's nearing the end of it's life, so before it has a massive failure I thought I might be proactive and go ahead and get a new one. I was thinking of getting one of the newer tankless ones since I think they're more efficient and they're definitely less likely to tip over and make a mess during an earthquake or flood my bottom floor if they break, but I wasn't sure if there were any disadvantages to them besides being more expensive than the regular kind. Any thoughts? Thanks!