Every benchmark I've seen, things like boiling a quart of water show induction faster then electric faster than gas for comparable ranges.

You sure about the pans? Generally if a magnet sticks to your pan you are good. You don't need new pans marketed as "induction ready", you just need ones that a magnet can stick to, i.e. not completely aluminum.

Iron = ok, copper bottom = ok, any of the copper/AL/steel type sandwiches is ok. I've got a collection of pans from both sides of the family, years in college, and years since buying from various places. I've yet to find a pan/pon that does't work well.

Also keep in mind that induction creates inside the pot/pan, fire has to start working on the outside and let it conduct through.

Induction is far faster in my experience. I've worked with gas cooktops and my induction boils water at least 50% faster, if not more.