Hopefully this will all be moot when you go into labor on your own this weekend. :) I delivered my first @ 40w & my second at 40w3d...I didn't really show any signs until contractions started. I didn't want to induce until 41w (or if there was an indication that we should, other than my impatience!)
If you are already that effaced and dilated, you don't need an induction. Heck, you don't need one anyway.
Induction raises your risk of other interventions, including c section. If your body is not ready, it's not ready.
Also, there are no clear studies to show the medicines they give you at induction can't harm your baby. Those medicines are also introduced to baby. There are currently studies being done to see if there is a link in the rise in the use of those synthetic chemicals to the rise in the instances of autism in the same time frame.
I was induced and for me it made labour much more painful and intense. Things happen much quicker and ur body is bring forced. It may be ok with epidural if thats what ur planning but I wouldn't know. I would never do it again through choice.