I'd do it, mainly because new studies show increased risks to the baby when more than a week overdue. It used to be thought that up to two weeks overdue was fine, but now they know it depends on if you are REALLY overdue or not, or did you just ovulate later than you thought. KWIM? The placenta has a 40 week lifespan, and starts breaking down rapidly after that. My friend was allowed to go a week and a half overdue and after 40 weeks her fluid levels started decreasing. By the time she was induced, they were dangerously low (which lead to severe cord compression during labor) and baby had had a BM in utero. He didn't breath for 4 minutes after birth.
Every day after 42 weeks, the risks of stillbirth and serious problems increase.
My first OB told me that he rarely let patients go for more than a week over because the risks of being overdue outweigh the risk of induction.