Basically, you would be saving the btu's needed to heat the source water to tank temperature, you would not have any savings in the water being re-heated in the tank,that loss would remain the same.
So it your incoming water is 54F and your pre-heat system raised that to 95F, then you would be saving 41 btu's of energy per gallon used.
Now to figure how much that would save you, you would have to determine the cost of your fuel used and it's end efficiency.
You are not going to see a savings of heat loss in the tank, just a gain per gallon of incoming source water.
So the pre-heating of the water is NOT useless, you've saved the energy it would use to initially heat it.
Now it would depend on the cost of the system you use, vs the cost of the energy you would save. Some schemes have a much higher cost to payback ratio. For instance in your case, recovering the waste heat going down the drain while you take a shower would probably be worthwhile.