I was induced at 16 days overdue with DD1. I had three lots of prostin pessaries over two days. These gave me very bad cramping pains (like the worst period pain ever). The prostins did not cause labour to start, and did not make my cervix dilate to any significant degree. On the third day, my waters were broken (no waters actually came out) and I spent approx 9am-9pm on a syntocinon drip. I got to 2-3cm dilated by the end of that time. Before going on the drip, I had an epidural, because I couldn't stand the pain of the cramps any more after 2 days (TENS and paracetamol didn't help). After only getting to 2-3cm, I had an emergency cs, and DD1 was born half an hour shy of 19 days overdue. I was absolutely exhausted, having had no sleep during the 3 days I was being induced, and having been in pain for much of that time.
With DD2, I had 6 membrane sweeps between 37 weeks and the birth 15 days overdue. I did go into labour naturally, but again after 3 days of early labour, and again having my waters broken, only got to 2-3 cm. I again had an emergency cs, in preference to going on the drip, as it hadn't worked with DD1.
I was told when I was having DD2, by one of the midwives, that 5% of women do not respond to induction - I think I was in that 5%, and obviously 95% of women do respond, so the odds are in your favour!
I also firmly believe that there is some issue with my cervix. I had a mc a couple of weeks ago, and again got into trouble because my cervix did not open, and had to have an ERPC. Again, I would imagine most women are blessed with cervixes that actually open when they are meant to... If I ever have another child, I will opt for cs, despite really wanting to experience a natural birth.
To balance this, one of my friends was induced, and had a completely different experience. She did say that she "took off like a rocket", which meant it was harder to cope with the pain, because there was no slow build up of contractions for her. Other than that, she was fine and it worked for her, although it was definitely more difficult and painful than her non-induced second birth.
I agree that you have to weigh up the risks to the baby. Round here, the medical professionals seem happy enough for you to go 14 days over, before they get a bit antsy, so long as you are keeping track of movements. Both my DDs were fine :)
I hope I haven't scared you (its hard to balance making it a horror story with justifying my view of it IYSWIM) - remember my friend was OK with induction, and the odds are stacked in your favour for it to work!
Good luck whatever you decide x