I agree with the stuff everyone is saying about waiting on the induction... Also, you're less likely to have colicy issues, etc, because baby will simply be more developed. For all the waiting and anxiety you have now, you will be rewarded later!
About cervidil -- I had this. It is the least invasive of the cervix ripening induction methods. I'm assuming your OB talked you through this, but I'll review the basics as I remember / experienced them.
It inserts like a tampon, but right up to the cervix -- so of course that's uncomfortable, but no worse than when they check to see if you're dialated. After that you won't feel the little thing. For me, it induced labor (it is ripening the cervix, so it should)... We didn't understand this clearly, so we started at 7pm... I would recommend starting this drug RESTED! If you get really far through labor, they can pull it out. I never did, so it was in for the full 12 hours. Once this drug is pulled out of you, they have to wait 2ish hours before the next induction method can happen. For me, that was pitocin. I would not recommend pitocin for all the reasons you can read about anywhere.
Once pitocin didn't work, we were at c-section. That stunk for all the reasons stomach surgery would be awful. BUT... The really good news -- your baby comes out looking like a gerber commercial, because there was no path through the birth canal. AND, you are stuck in the hospital longer, so someone else is cooking. (ok, I can have a sick sense of humor, but it's all true!)