UPSIDES: We nearly halved our water bill as all of us (kids and parents) took far shorter showers because it was so cold. This also meant we had to clean the shower much less often. I would also be more awake and alert in the morning after a cold rinse.
DOWNSIDES: I noticed I was getting more headaches and stiff necks, then I realised that the hot showers were helping me to de-tension and relax my shoulder and neck muscles which have become tight due to my long work hours writing code at a keyboard.
Didn't notice any up or down occurrences of sickness in the rest of the family. Overall, I am glad we have hot water back now. At least I have a choice which way to go.