That all depends on what you're cooking. I have used just about all types of cooking contraptions there are ranging from an open fire through a pit fire, several types of "cultivated" fires (wood-fired stoves, BBQs etc), propane/butane/methane gas burners of various types, coil/cast_iron/ceramic/halogen electric and induction stoves. I normally cook on a wood-fired stove seeing how as I live on a farm in the Swedish countryside with plenty of forest on my doorstep which I also use to heat the house and whose branches I cut up for the stove. I do have one of those cast-iron resistance heated electric ranges next to the wood-fired stove but I only use it as a parking lot for pans etc. I also have a few single-hob induction plates around which I sometimes use outside when we're not supposed to light fires due to extreme drought etc. When I lived in the Netherlands I bought a "gas-free" house which meant I had to use electricity for cooking. Induction was supposed to be the bees knees so I built myself a range with an induction cooker on top and a hot-air oven underneath it. The thing worked fine for some types of cooking but it royally sucked for e.g. stir-fry cooking using a wok. Even the flat-bottom version I got did not come close to the real thing on a gas stove or wood fire.

Now, more than 20 years later I regularly use my mother's new induction stove when I visit her in the Netherlands. That thing still sucks for stir-frying, no matter which pan I use. There is just not enough power to be had on a residential induction cooker to reach the quick heat needed to make a good nasi goreng (i.e. Indonesian-Dutch fried rice). On the wood-fired stove here at home I use a Chinese wok which hangs directly in the fire and as such is close to perfect. The sad part of this is that my mother's previous range had a special wok burner which, while not as capable as the wood-fired stove, at least made it possible to quickly reach a good heat and keep it. Alas, she felt she needed to go with the flow and had that range swapped out for an anaemic induction cooker which is supposed to be able to run 2 plates at max power (~2 kW) at the same time but does not even seem to be capable of that without dropping one of them a notch down.

If you're comparing commercial induction cookers to gas stoves the comparison might hold. There are special induction plates for using a round-bottomed wok which may also lead to better results. Those are not what most people will get at home when they replace their "dangerous" gas range though.

Induction's pro's are its reaction speed, cleanliness, electrical efficiency and sometimes price (single-hob plates at e.g. IKEA are dirt-cheap) but that is about it. Its cons are the lack of power in most residential ranges, the lack of fine-grained control, the sensitivity of the ceramic top plate - it gets scratched easily when you have an 'active' cooking style as well is liable to break when confronted with heavy cast-iron skillets in the hands of inexperienced users, this is true for all ceramic cookers and not specific to induction - and the power electronics (I have repaired two induction cookers already, one of them (a commercial single-hob plate) had a blown out capacitor (literally - loads of black smoke blew out off the thing), the other (Siemens) suffered from a whole bank of broken power transistors (RJH60T4 IGBTs). Finally, confusingly in the light of my remark about single-hob plates being cheap, its often high price. Induction still seems to be priced as a "luxury" good while in reality it is fairly cheap to produce, the only relatively expensive part being the power electronics (where "expensive" means "a few tens of euro's for the requisite transistors and capacitors as well as the copper induction coils).