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It works for as long as it lasts 
I've had this iron for several years now and use it nearly every day. As noted by other reviews, the cord is heavy and cumbersome (3x18ga, 1/4" dia.) especially when cold and stiff. This could easily be remedied by replacing it with a lighter cord. I've just learned to live with it.
The biggest problem I experienced is with the nut/collar assembly that slips over the barrel and secures the tip in the barrel end. The crimped flange that attaches the nut to the collar is very thin and over time it eventually breaks down and begins flaking. Once this flange is gone, the collar and tip can freely slide off the element barrel when the iron is tilted downward.
To change the tip, you unscrew the nut and slide the nut/collar off the end. Depending on how often you use the iron, you may perform this action a number of times which will further reduce the life of the nut flange.
This weakness is present in all three Xytronic iron models, the IR-23, IR-230, and the IR-258.
Besides that, it has worked flawlessly for years and heats up quickly. I have also accidentally left it plugged in over a weekend and it suffered no damage other than a burnt tip. I won't be buying another one because I need a more durable iron, but for the money it is worth the price. It is not a high-end iron by any means (it's not meant to be) but it will work well for the weekend DIY'er or hobbyist.
Additional Safety Considerations.... 
In my prev. review I neglected to point out that a 3-element grounded iron is both safer to PC components as well as to the user because it is unlikely that 110V AC will be shorted into the iron's tip. As far as I'm concerned,all soldering irons should be made like this and not like the"cheapie" ones which can do this!
Good performanceis worth the extra money... 
I've now used this iron on several occasions. After being off for several minutes it recovered its heat in about 20-30 seconds It was so amazing I actually timed it. If you are frustrated by the performance of cheap irons, this is the cure...
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