Hi Yodder,
I use an induction cooker. and it's based on Faradays Law of Induction so not a 'new' invention.
http://en.wikipedia.org/wiki/Electromagnetic_i nduction
Back to induction cookers lol and when you put it on, there is no heat. You can put your hand on the hob and you will not burn.
However, once a magnetic pan is placed on the hob, it heats up very very fast. Obviously you wouldn't put your hand back on the hob then because the pan would be hot.
I love cooking with it and it's safety when the blumin dog jumps up and knocks on the hob!!!!
Are you a convert btw? :)