I've been looking at the Induction cookers at the appliance section since more than a year ago. I liked how it looks and know that its an innovative product, but didn't bother to learn what it was all about. The price itself discouraged me. But recently I noticed that the prices of these induction cookers are becoming more affordable. So I decided to go ahead and try this latest improvement in cooking style. Yes, its a style that you need to learn and absorb, but once you get it - you'll find out its so cool and wouldn't get back to your old style ;) Here is a pic of a similar cooker as what I bought:
I'm certain this cooker consumes less electricity compared to regular electric stoves...though I have not computed the savings at home. It also saves a lot of time, since one does not have to wait for it to heat up. The pot or pan will generate heat from the magnetic field generated by electricity. This is also the reason you might have to spend on some new cookware made of stainless steel, as most other materials will not heat up on the induction cooker.
It takes some practice to get used to this "instant" heat and some recipes need to be adjusted a bit. A few dishes would cook better on a regular stove, though. One example is fried egg and omelettes, since it tends to become dry. However, for boiled eggs I get a perfect result just by setting the timer at 7 mins. on medium heat. The water would boil just before the time is up. Then I leave it alone for 10 mins before rinsing in cold water.
More about induction cooking here, or do a Google search.