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.