Induction is a magnetic source that creates heat when in contact with a metal pan. It is faster and easier to control than gas. It is also less heat retentive than electric, because you need a metal in order for the magnet to heat. In fact, you can place a piece of paper under a pan as it is boiling without the paper burning.
There are a variety of companies manufacturing induction. Electrolux, Thermador, Wolf, Diva and Viking. The prices start at $2000, but will probably become cheaper as the bigger companies enter the market.
If you are remodeling ask for a demonstration, you will be surprised.
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