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Pros:
Efficiency, heat control, safety, speed, cooking ability, ease of cleaning.
Cons,
Specific induction proof cookware, purchase price, may require new electric work (higher amperage)
I love induction, and the price is coming down. Once most people get the hang of it, they would never look back. Many times I sell an induction unit, and I will get a call thanking me for recommending it!