If you are talking about comparing full section induction quench and temper to gas furnace quench and temper, consider the following.
If the parameters are set-up properly, the microstructure and mechanical properties should be equivalent between the two processes. Some have reported that the induction processed materials will have a slightly higher impact strength than the conventional gas furnace processed materials. In my experience, I have not noticed much difference.
The big issue comes in with the "If the parameters are set-up properly..." part. With the induction processing, the times get compressed considerably, which leads to higher temperatures. As has been mentioned, austenitic grain growth can be a problem. With proper control, however, this doesn't have to be an issue. In fact, because of the shorter heating times, it is possible to have a finer grain size than would be possible with the gas-fired furnace. The key is control.
There are other issues to watch out for, too. Because of the short times, it is possible to not fully austenitize the material (even though the temperature is well above the Ac3). Since most of the Chromium and Molybdenum get tied up in carbides, if you don't dissolve all the carbides, you can get a heat treat response that is considerably less than what would be expected.
Temperature uniformity is another issue that can cause problems. For austenitizing, this usually isn't that much of a problem for two reasons. 1) the heating efficiency drops considerably once the material passes the Curie point and 2) there is a wider accpetable temperature range.
For tempering, however, the uniformity problem can cause problems. Since there is an upper limit for tempering temperatures (the Ac1), to get accpetable hardnesses you have to have an extended soak time. It is with these extended soak times that the temperature variations can lead to unpredictable results.
In my experience, you have to have much more control with the induction processing than with the conventional furnace processing. The induction processing will result in much higher production rates, however, which can justify the cost of the increased control.
rp