Generally, they are a your normal low end hot water heater. I have seen American Standard units last up to 20 years (like mine) with not problems, and I have seen them not last three years before the tank ruptured.
We have more calls on the Rheem and Brandford Whites than American Standards as far an minor problems.
Pros: Cheap; reasonably reliable; parts readily available.
Cons: Not energy efficient; tank quality - flexible.
When mine goes would I replace it with another American Standard? No, I would install the Bosch tankless water heater.
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