I thought it worth replying to this thread as I've had the experience of using a 'Team' induction hob bought from IW for the last five years, and although now superseded by an 'EasiCook' model, my advice may be a useful general guide for those unfamiliar, but considering buying an induction hob. mine has been good value for what it cost and the current IW model is £49.99 (why do retailers insist on pricing things at £..9.99 instead of round numbers?... perhaps they think consumers won't notice their clever subtlety!) and whilst this was the cheapest option I could find at the time, I've recently seen cheaper models online for around £30 when browsing for a suitable replacement for this one when it eventually bites the dust as it's showing understandable wear and tear from being the most heavily used cooking appliance in my kitchen, and if the current included stainless steel pan is the same quality as the one as I got with mine, it's adequate but thin gauge, not non-stick and not worth the extra cost over my current possible choices of the 'Cook's Essentials' 1000W circular compact from QVC or the 2kW model on offer from Maplins. As I live in an electric only flat, rather than a bulky, heavy and expensive to run all in one cooker, my economical, easily shiftable equipment consists of a standard Remoska 470W cooker, 1.5kW and 1kw conventional hot plate hobs, the Team 1.9kW induction hob for quick heat up cooking as there was no gas supply and a Tesco value microwave. All appliances are used at user friendly worktop level and I've cooked regularly for three or four and occasionally for six adults easily with this set up,
Induction hobs are the most economical electric hob type as they don't heat the surrounding air or surfaces, only inducing heat into into the cooking vessel by magnetism. No special cookware is required apart from it must necessarily be made from stainless, high carbon steel or other ferrous alloy. If you are considering buying a hob, it's easy to check your existing cookware, or if you are looking for replacements in the supermarket and on the high street, by using a small magnet (eg from a fridge or notice board) and if the magnet sticks to the base it will work. Don't buy cookware online or from a shopping channel unless it's clearly stated to be induction hob compatible.
Induction hobs heat pans even faster than a gas burner, and whilst they can be set to low settings, they work by pulsing the power less frequently, but because it's a more immediate heat, it can sometimes burn thicker consistency foods if they aren't stirred regularly. For that reason alone I prefer to use my conventional hobs for simmering or slow cooking as I can leave them unattended for longer as they tick over with a more evenly applied low heat. As I use pans for simmering and a terracotta casserole pot for slow cooking with bases that completely cover the hot plates with minimal or no air gap, it's virtually as economical cooking as using an IH.
Because IHs provide virtually instant high heat I've found mine better suited to frying, char grilling and bringing water to the boil quickly before transferring to one of the other hobs for simmering (eg pasta, rice, potatoes or vegetables) or slow cooking stews etc. I now use a cheap as chips stainless steel whistling kettle I bought for my gas camping stove in preference to my conventional electric kettle because it's considerably faster. I've also saved on buying a separate deep fat/oil fryer as the IH has a variable heat setting range from 60º - 240ºC in 20º increments and is easily set not to overheat, smoke and vapourise the oil risking fire. I use the same bog standard £6 carbon steel wok I use for stir fries, pouring the extra oil used into a old coffee jar ready for reuse the next time I fancy proper homemade fish and chips as a treat.
I recommend induction hobs, if only as an easily stored back up or an extra hob when cooking for many, and I hope my comments are of use.