Mine's been in place since I built my first OWB. My son was only 3 or four at the time and we didn't want him getting accidentally scalded.
If I remember correctly, in Michigan, when you have an OWB professionally installed and your installer involves inspectors (mechanical and electrical), you need to have a tempering valve installed should you decide to heat your DHW. That's based on a conversation I had with John Paradine in the mechanical division at LARA in Lansing, Mi. a while back. I've never read it in their book, as they are very proud of it (nearly $90 shipped), so I'll take his word for it.
Of my friends, as well as friendly enemies who operate OWB's, I'd say that just over half of them use tempering valves.
If my water heater sits all day, it will be approximately 165-170 degrees on top and roughly 140 on the bottom. I run my boiler @ 190* on and 195* off.
I wrapped my side arm with a couple layers of insulation, and added another around my water heater.
I have my mixing valve set as high as it will go. I believe we are getting 123* at the tap, which I think is too hot, but my beautiful bride likes it that hot for laundry.
You all know the old sayin'- "If momma ain't happy....................