I suppose you should consider the cost of the new timer vs the cost of the electricity at that point.
If a new timer is $20, and you're paying the US National Average for electricity of $0.165 / kwh. The new one is 0.6 and the old one is 2.3, for a 1.7 watt difference.
Doing the math, $20/$0.165=121.212kwh, or 121212 watt hours / 1.7 watts per hour = 71301.2 hours / 8760 hours in a year (not counting leap hours) = ~8.1 years for the device to pay for itself in savings.
If you're worried about the environment, then it's wasteful to take a moderately efficient system and upgrade it. If you're worried about cost, then you're not saving that much money. If you're worried about overall value for your effort, there are better things to focus on.
Even if it were perfectly efficient (0 watt standby) then it would still take 6 years to pay for itself if it were $20.