Courtesy of Sub Zero-Wolf
Induction cook-top surface does not heat the pan. The pan is heated by electromagnetic energy coming from the cook-top and the surface stays fairly cool. No wasted energy heating up heating coils or flat plate type surfaces. Easy to clean up too. If a magnet sticks to the bottom of your cooking pans, your OK otherwise you will need to get new pans in order to cook with an induction cook-top or stove.
Last year I replaced my flat plate electric cook-top with a new GE induction cook-top. It was relatively easy to replace the old unit, however an extra part had to be fabricated. In the process of change out, I measured the relative speed to heat up water for both the old flat plate style and the new induction unit. Check out the video.