I have both, black iron and yellow flex and just recently paid $1.75/ft for
some brand new blue flex.
The original line, 100' of 1/4" bare copper tubing, underground from 500 gal
tank to house, was replaced with the yellow flex.
Thats right, 1/4" copper tubing.
Can you imagine? LOL
The galvanized pipe coming out where the T&P valve normally goes looks like
it has a schraeder valve and a pressure gauge installed - most likely to
pressurize the system with air to proof the system for leaks.
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