I used one of these for my first few extract brews. My only suggestions are to KEEP THE LID ON! If you dont, you will find that it will not hold a boil. I did 3gallon boils, and it struggled at times. I'd say it took about an hour or so to hit rolling boil, and if you dont keep the lid on it wouldnt really boil.
Let me know how BIAB works on it, i never tried it with mine. I've since switched to a keggle a coworker gave me with a 1500w and 2000w element in it. Works MUCH better IME but the induction hotplate works well for smaller batches. I'm keeping it around for small 1g for sure!
Nice find for 70 bucks btw!