Anyone tried cooking with induction cooktops?

I'm thinking about picking up this induction cooktop, but I heard a rumor that you need some kind of special magnetic cookware to actually use it.
Is that legit? Because if I have to go out and replace my entire kitchen set, then this whole thing is basically a waste of money for me.

Yeah, induction cookware is marked with that little coil symbol! Honestly, that’s pretty much its only downside, but it slashes your cooking and heating times so much that it pays for itself in the long run! 😉