So you know what to look for...
I've copied the following from the Raritan water heater owners manual. "A removable magnesium Anode is integral with the hot water discharge fitting. The Anode should be checked at least once a year by removing it from the water heater. If the Anode diameter is less than 3/8" (9.5mm), it should be replaced. If discoloration, unusual smell or taste develop in the water, inspect or replace Anode."So what you'll be looking for is a similar effect to a "melted" zinc on your prop shaft--reduced diameter and maybe some erosion of the rod. Although most water heaters are pretty much alike in design--and often parts for one brand are interchangeable with another, you'd be wise to read the owners manual for your own brand.