My first was induced with Cervadil...it was a bad experience. I was induced on my due date (for "LGA") and the Cervadil caused a sort of over-reaction on the part of my uterus, but they went ahead with pit. After 24 hours, despite contractions that didn't let up (actually, *because* of these contractions), I was still about 1 cm and not effaced much at all. Failed induction, so they turned everything off (but kept me) for the night. In the morning (we're on Day 3 now, if you're keeping track) they started pit again, and this time it put me into active labor. Still, I didn't deliver until the next day. It was not a great way to spend my weekend, and with number 2, I was adament that I not be induced unless critically necessary. My daughter was born 14 days past my EDD, 10-and-a-half pounds, and it was a wonderful birth.
If you're effaced and dilated as you are, it would probably go better than mine, but I still would recommend avoiding it if at all possible.