Induction is originally a Dutch Technology that now-a-days, is becoming more and more popular (in the US and Canada) as energy prices continue to skyrocket. In short, Induction harnesses the power of magnets combined with a small portion of electricity & forms it into the ultimate cooking tool. If you are looking for energy efficiency, Induction is the newest & greatest way to go.
How it works:

Induction produces a magnetic field using a copper coil that is fed electricity. When a steel vessel is placed on the unit, an electric current is ‘induced’ in the steel. Heat is produced thanks to the resistive quality of the metal against the induced current. When controlled properly, this method is capable of generating precise amounts of heat.
Benefits of using Induction:
Efficient
Powerful
Precise
Innovative
Environmentally Friend
Clean-ability
Safety
Flexible
Induction Units Available
Currently there are only Cook-tops available for the US/Canada market - however Induction Griddles, Induction Ranges & Induction Fryers are all on the horizon.
Whati s Required?
This one is pretty simple, besides the induction unit - Special induction-type steel pans will be necessary for a properly functioning unit. Steel is preferable due to its sturdiness. Aluminum pans simply do not conduct induction type heat and will not heat efficiently.