I'm going to jump in here with a thumbs up for induction. I use a regular electric induction hob with coated steel pans, and it works very well.
One needs to understand how these work, a look in the manual might help: There is a difference between heat and temperature. The induction provides heat to build up temperature. Once a desired temperature is reached at a high setting, it will be preserved on a lower setting. On a scale of 1 to 9, when the induction fires at full blast at 9, it will build up a very high temperature, and set back to 6 or 7 when cooking a curry, it will maintain just the right heat to keep the pan bubbling. Reduction and caramelization just work very well this way, the supplied power is more than enough.
Just one thing does not work for me: using woks with a relatively small base, they just don't build up an evenly distributed heat and keep bubbling in the center of the wok pan. I use a standard Silit pan with a very broad base, and heat gets distributed very evenly in the whole pan, making reduction easy and fast.