I've got the same soldering station. When I saw it on sale for $12.00 before Christmas, I asked "Mrs. Santa" to get me one.
It's surprisingly well made for the money, and the tips look to be very good as well (I got an extra set with it). The unit does take longer than either of my two irons (25W & 40W) to heat up, and so far I've only used it for a couple of quick jobs. When I sit down to build my reverb pedal, I'll have some more time to play with the heat settings. If in the end it works only as well as my irons, it'll still be worth more than the cost for that alone...not to mention the nice station that goes along with it.