What is claimed is: 1. An apparatus for inspecting a workpiece having a laterally-extending portion of a first part adjoined by an inertia weld to one end of a second part having an outer surface extending away from the first part, comprising: electromagnetic acoustic transducer means, positioned in non-contact relation to the workpiece, for generating a pulsed acoustic wave inspection signal incident upon said inertia weld in said workpiece and for detecting acoustic waves in said workpiece and generating a detection signal, said inspection signal including shear acoustic waves polarized in a direction substantially parallel to said outer surface of said second part; and means for utilizing said detection signal to identify defects in said inertia weld by comparing first amplitude-related values derived from said detection signal with first pre-determined amplitude-related values, wherein said first pre-determined amplitude-related values correspond with amplitudes of acoustic wave echo pulses resulting from transmitted inspection signal pulses reflected within said workpiece and detectable by said electromagnetic acoustic transducer means during a first pre-determined time period following transmission in the absence of said defects in said inertia weld. 2. An apparatus as recited in claim 1, wherein said electromagnetic acoustic transducer means comprises an electrically conductive coil for generating said inspection signal, said coil being oriented substantially perpendicular to and across said inertia weld. 3. An apparatus as recited in claim 1, wherein said electromagnetic acoustic transducer means comprises: a first electromagnetic acoustic transducer assembly for generating said pulsed inspection signal; and a second electromagnetic acoustic transducer assembly for generating said detection signal. 4. An apparatus as recited in claim 3, wherein said first and second electromagnetic acoustic transducer assemblies are stacked in co-axial relation to the workpiece, with the first electromagnetic acoustic transducer assembly being positioned between the second electromagnetic acoustic transducer assembly and the workpiece. 5. An apparatus as recited in claim 3, wherein each of said first and second electromagnetic acoustic transducer assemblies have an aperture with a length exceeding a cross-sectional thickness of said inertia weld. 6. An apparatus as recited in claim 3, wherein said first electromagnetic acoustic transducer assembly has an aperture with a width exceeding the width of an aperture of said second electromagnetic acoustic transducer assembly by a factor of at least about 1.5. 7. An apparatus as recited in claim 1, wherein said means for utilizing compares second amplitude-related values derived from said detection signal with second pre-determined amplitude-related values to identify defects in said second part. 8. An apparatus as recited in claim 1, wherein said electromagnetic acoustic transducer means is positioned adjacent to said plate-like portion of said first part, and wherein said first pre-determined time period is established in relation to a time period for an inspection signal pulse to travel to and be reflected back from an air interface at a second end of said second part for detection by said electromagnetic acoustic transducer means. 9. An apparatus as recited in claim 1, further comprising: gating means for gating out from said detection signal acoustic waves detected by said electromagnetic acoustic transducer means during a second predetermined time period following transmission of said inspection signal pulses and prior to said first predetermined time period. 10. An apparatus as recited in claim 1, wherein said first pre-determined amplitude-related values correspond with amplitudes of acoustic waves resulting from transmitted inspection signal pulses resonating within said workpiece and detectable by said electromagnetic acoustic transducer means in the absence of defects in said inertia weld. 11. An apparatus for inspecting a workpiece having a laterally-extending portion of a first part adjoined by an inertia weld to one end of a second part having an outer surface extending away from the first part, comprising: a first electromagnetic acoustic transducer assembly, positioned in non-contact relation to the workpiece, for generating a pulsed acoustic wave inspection signal incident upon said inertia weld in said workpiece; a second electromagnetic acoustic transducer assembly, positioned in non-contact relation to the workpiece, for detecting acoustic waves in the workpiece and generating a detection signal, said first and second electromagnetic acoustic transducer assemblies being stacked in co-axial relation to the workpiece with said first electromagnetic acoustic transducer assembly being positioned between the second electromagnetic acoustic transducer assembly and the workpiece; and means for utilizing said detection signal to identify defects in said inertia weld. 12. An apparatus as recited in claim 11, wherein each of said first and second electromagnetic acoustic transducer assemblies have an aperture with a length exceeding a cross-sectional thickness of said inertia weld. 13. An apparatus as recited in claim 11, wherein said first electromagnetic acoustic transducer assembly has an aperture with a width exceeding the width of an aperture of said second electromagnetic acoustic transducer assembly by a factor of at least about 1.5. 14. An apparatus as recited in claim 11, wherein said first and second electromagnetic acoustic transducer assemblies include first and second electrically conductive coils, respectively, each of said first and second coils being positioned substantially perpendicularly across said inertia weld, wherein said inspection signal includes shear acoustic waves polarized in a direction substantially parallel to said outer surface of said second part. 15. An apparatus for inspecting a workpiece having a laterally-extending portion of a first part adjoined by an inertia weld to one end of a tubular second part having a cylindrical surface extending perpendicularly away from the first part and having a second end, said cylindrical outer surface having one or more designed discontinuities, comprising: a first electromagnetic acoustic transducer assembly, positioned in non-contact relation adjacent to said laterally-extending portion of said first part of said workpiece, for generating a pulsed acoustic wave inspection signal in said laterally-extending portion, said first electromagnetic acoustic transducer assembly including an electrically conductive coil oriented substantially perpendicular to said inertia weld, wherein said inspection signal includes shear acoustic waves polarized in a direction substantially parallel to said cylindrical outer surface of said second part; a second electromagnetic acoustic transducer assembly, positioned in non-contact relation adjacent to said laterally-extending portion of said first part of said workpiece, for detecting acoustic waves in said plate-like portion of said first part and for generating a detection signal, said first and second electromagnetic acoustic transducer assemblies being stacked in coaxial relation to the workpiece with said first electromagnetic acoustic transducer assembly being positioned between the second electromagnetic acoustic transducer assembly and the workpiece; and means for utilizing said detection signal to identify defects in said inertia weld and in said designed discontinuities. 16. An apparatus as recited in claim 15, further comprising: means for providing relative registered rotation between said workpiece and said stacked first and second electromagnetic acoustic transducer assemblies, wherein a 360.degree. extent of said inertia weld is progressively inspected. 17. An apparatus as recited in claim 16, wherein said means for utilizing compares amplitude-related values derived from said detection signal with pre-determined amplitude-related values to identify said defects, and wherein said predetermined amplitude-related values correspond with amplitudes of acoustic wave echo pulses resulting from transmitted inspection signal pulses reflected within said workpiece and detectable by said second electromagnetic acoustic transducer during predetermined periods. 18. An apparatus as recited in claim 17, wherein each of said first and second electromagnetic acoustic transducer assemblies have an aperture with a width less than a distance between adjacent ones of said designed discontinuities. 19. An apparatus for inspecting a workpiece having a first part with a laterally-extending portion defined by opposing outward-facing and inward-facing surfaces, said inward-facing surface being adjoined by an internal inertia weld to one end of a second part having an outer surface extending away from the inertia weld and away from the inward-facing surface of the laterally extending portion of the first part, comprising: electromagnetic acoustic transducer means, positioned in spaced, non-contact relation adjacent to an outer surface of the workpiece and in predetermined relation relative to said internal inertia weld, for generating a pulsed acoustic wave inspection signal incident upon said internal inertia weld in said workpiece and for detecting acoustic waves in said workpiece and generating a detection signal, said inspection signal including shear acoustic waves polarized in a direction substantially parallel to said outer surface of said second part; and means for utilizing said detection signal to identify defects in said inertia weld. 20. An apparatus as recited in claim 19, wherein said electromagnetic acoustic transducer means comprises: a first electromagnetic acoustic transducer assembly for generating said pulsed inspection signal; and a second electromagnetic acoustic transducer assembly for generating said inspection signal, wherein said first and second electromagnetic acoustic transducer assemblies are each positioned on an axis that extends through said second part parallel to the outer surface thereof.