I recently got a new range with induction cooktop, and have been absolutely blown away by its capabilities. It far outperforms any electric range on the market with its instant responsiveness (here it replaced a halogen flattop that had been driving me crazy since we moved into this place). It outperforms gas at both ends of the temperature spectrum, with the ability to hold a steady ultra-low simmer AND get hotter on its largest burner than the hottest legal-for-home-use gas ranges like the Capital Culinarian and Blue Star. All while being so easy to clean up it's crazy - you can even lay sheets of paper towels under your pans while you're cooking to catch spatters and spills.
Add to that the safety and energy-efficiency aspects, and it's hard to imagine using anything else.
Granted there are two drawbacks: you can't use a round-bottomed wok very effectively (I don't do wok cooking), and you must use ferrous cookware (but that just gave me an excuse to go out and buy some dream items that I'd wanted but couldn't justify getting because I already had pretty good versions in the house).
Induction has been around for well over 75 years. It's hugely popular in Europe and Australia, is catching on fast in restaurant kitchens and high-end homes, but according to the statistics I've been able to glean from the Web, only some 2% - 5% of American homes currently have induction cooktops. What gives?
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