I used a radio shack one to build superguns, consolized mobos, swapped cps2 batteries, built harnessed and hacked controllers.......all just fine. I'm sure it would be nice to have a little station set up, but everything I did was done just fine with the cheapo model.
Of course, because of this, I've never used a soldering station or an expensive setup. So that puts me in the "possibly doesn't know any better" catagory, lol. Never the less, I accomplished everything I set out to do with my cheapo radio shack 15w iron.