Reb,
the gas vs electric issue was well covered, but your question about the cast iron still needs to be addressed.
Cast iron has very low heat conductivity compared to materials used in other pans (alum., copper, etc). They are made very thick to help with heat distribution, but it doesn't make it perform like copper pans (which have excellent heat conductivity).
Iron pans are used because the have great heat retention, much better than copper.
The results of this made clear:
Put an iron pan and a copper pan on identical heat sources.
1-2 minutes into the heating, the copper will be equally hot throughout, while the iron pan will have a hot spot concentrated at the burner.
5-10 minutes into the heating: the iron pan achieve thermal equilibrium (really depends on a lot of factors, simplifing here)
Now slap a thick, cold steak in each pan.
The copper pan immediately releases its heat into the meat, and the surface temperature decreases markedly.
The iron pan releases its heat into the meat, but the surface temperature does not change, thus the meat continues searing.
So for searing a piece of meat, iron performs very well, but for doing something like preparing a delicate sauce, copper performs better because you can very quickly regulate the temperature.
You will see some pans made with sandwiches of materials, cast iron plus some other metal, to try to get the best of both worlds.