Compared to other induction techniques (Cytotec, pitocin), the foley catheter is downright pleasant. The drawbacks to it being that you already have to be fingertip dilated in order for it to be used, and it will only dilate you up to a 4 or 5, it won't take you all the way. One of the big drawbacks though is that like internal monitoring, it's a highway for bacteria, and it's use is just begging for an infection.
That being said, keep your pants on around that doc, Jen. He sounds induction happy. 37 weeks is still too early if babe isn't ready. I believe even ACOG says 38+ weeks.