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you should be able to set the heat anticipation function on your thermostat. that is what adjusts the T.stat's sensitivity to temp swings in the controlled space. from my HVAC classes I have learned that you want the longest run times for greatest efficiency but the shortest for comfort. people can detect a 1 degree F change in temp so that is the target for max temp swings in a space. the most efficient furnaces out there today use a modulating gas valve and an ECM DC motor to provide a constant volume of air flow (in a forced air system). this also allows the thermostat to adjust the gas firing rate to match the heat loss of the structure. during this the furnace is achieving a 92-95% efficient operation. a similar set up is out there for hot water systems.
If you are thinking about upgrading there is a 30% tax credit available from the feds (good for cost + install). my local electric company will also give me a $500 rebate for a new furnace that has an ECM motor (they save ~60% of the electrical usage over the old motors). all told it is a good time to upgrade you furnace, water heater, or wood stove.
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