We have been cooking on an induction unit at home for about 4 years and have had a uniformly very positive experience with it. It is more than 90% efficient in converting electricity into heat -- in the pot or skillet. Gas, by comparison, is less than 50%. The induction unit boils water so fast that one can't cook a 3 min egg on the high setting -- the water boils so fast, an egg is not done in 3 min. By trial & error, we found that a middle setting (5 on a scale of 1-10) gives the perfect boiled egg.
The other good thing about them is that changing the cooking temp is essentially instantaneous, as fast or faster than with gas.
The only negative is that, as others have mentioned, the cookware needs to have an iron or steel bottom, but that's a negative only if you don't have any.
We're getting ready to hit the road full-time, and an induction unit will be in our coach ...