If you're thinking about getting induced in hopes of a New Year's Baby, here's some things to think about:
Pro: You will have a socially acceptable reason to not have to throw or go to an adult New Year's Eve Party
Con: For the next 13-18 years you will have to throw a youth New Year's Eve Party
Pro: You can guilt-free cheap out on Christmas presents, because your child will be getting more presents in a week.
Con: You might find yourself dealing with post-Christmas shopping because "I'm glad I didn't get X for Christmas, because I know I'll get X for my birthday" even if X is inexpensive.
Pro: You score major points for "sacrificing New Year's Eve to have a baby."
Con: By the time your child is 21, BOTH of you will loathe the question "So how close/far from midnight"
The last one is for home birthers only:
Pro: You will have the fun of saying "I spent New Year's Eve 2012 at home birthing a baby"
Con: Should the baby arrive at midnight, you think they'll believe the midwife?