I wanted to add my support. I was in induced with DD1 (first baby, now with second on the way) as I was 7 days overdue and my consultant had a policy about timing.
I had been lurking on MN threads for months beforehand trying to glean as much information as possible, and so was a little concerned about how it was going to play out. Especially given all the negative stories that tend to surround it. And DD had also turned OP in the final weeks of pregnancy, irritatingly.
I was given a pessary at 8pm, monitored for an hour and then sent back to the ward. I essentially felt nothing, slept like a baby, woke up and ate a pretty substantial cooked breakfast. I was taken downstairs where I was examined and was already 3cm. The consultant broke my waters (which was uncomfortable, but not painful) and I was hooked up to the syntocin drip. It took about twenty minutes to kick off. Even though I was monitored, I was able to stand, walk (to a degree) and spent much of the time sitting on the fitball or leaning over the bed during contractions (and watching the winter olympcics...)
The pain was, I thought, pretty manageable, and I wouldn't consider myself to have a high pain threshold. If anything, I am a giant wuss. After four hours I was 7cm and then decided I might try some G&A (for some reason I had convinced myself not to 'peak early' with pain relief). It wasn't my cup of tea, made me feel hideous and it was at this point I got onto the bed. The contractions were pretty much non stop and things sort of fell apart. In hindsight, I was obviously in transition. After two hours of incredible pain, my husband sorted out shouted at midwives who wanted to give me pethidine instead an epidural.
Yes it did slow things down, but it was amazing. I spent the next few hours eating lunch and then sleeping. I woke up and was ready to push. I was relaxed, in control and could obey all the consultant's instructions. I pushed for an hour and it was done - and I didn't tear. Which I fully attribute to the slow, steady and calm nature of the pushing.
So long story short, it was a very positive experience. I would do it again tomorrow.
I would however second other posters in saying don't try and be brave with the pain. I probably could have bypassed the worst of it had I realised that I wouldn't "get the hang" of the pain and get it under my control. The anaesthetist (who mortifyingly knows my husband as they work together) told me that most women get the epi sited at the same time the synto drip goes in.
That was the only truly bad bit, someone I will inevitably run into at a cocktail party saw me bellowing and half nude 
essay over.