I can't really tell you that man... I'm not all that tech, but it's gotta be a hell of alot better than the one I am currently using... It's a cheapo $20 iron, which surprisingly works quite well for everything I've needed, and has done for the last 8 months... The last couple inhad lasted around a year or so, but they don't get used all the time either...

As far as the transformer goes, I thought it would have been a cheap excersise too, but apprently you need to spend at least $100+ on it (so the local retail elec shops tell me - jaycar etc) but I never really bothered doing any research on it - just sourced 240v capable products, or 12-15v input, as I have a powersupply already...