Nuclear fusion is the most efficient means to generate power in the universe. It generates more energy from the reaction than fission, and uses the most abundant fuel in the universe (hydrogen, although it must be treated into special forms for us to use them). To put things in perspective, all stars burn from the fusion of hydrogen, and if big enough even helium atoms.
Currently, problems in research are achieving the high demands of energy input required to start the process and make it self-sustaining, but physicists are getting closer every year… (of course, why wouldn't they?)
An added pro, over for instance fission, is that should the chamber melt down, the environment required to sustain the reaction (i.E. Magnetic chamber) will break, and the reaction simply dies down. This essentially removes the threat of reactor melt-down as happened in Japan recently.
Yes, fusion is an efficient way to generate electricity, because it is an efficient and powerful method of generating electricity. The fusion process creates a large amount of energy, and with very little waste. Fusion is a very good, efficient way to create energy. The strong nuclear force involved allows for production of a great deal of energy in an efficient manner.
No. Nuclear fusion has been around for a long time, however it has still not been able to be used as a viable form of generating energy in a non-weapon form. The problem is with controlling the reaction from nuclear fusion. It works great in a bomb, but it must be controlled to use as a viable source of energy.