The hot water delivery generally is slower than a cylinder system, but the wastage of water is a popular misconception.
If you imagine a cylinder positioned where the boiler is now, the same physical length of pipework must be emptied of cold water before the hot comes through, it's just that a cylinder system empties that same pipework of cold water quicker therefore giving the impression that the combi is wasting water.
Ideally however, the combi should be positioned as close to the hot water usage as possible.
Carefree, February 2011