This soldering iron is not the greatest, but the price is right! What's important in a soldering iron is that it gets hot enough to give you a good clean solder connection that will not "go cold" on you, and cause the connection to quit. It also takes a fair amount of heat to be able to solder a ground to the back of a pot and even more to solder the ground wire to a tremolo spring claw on a Strat.
A high quality Weller 60 Watt will cost around $80.
This iron will last for several years if you only use it for your home guitar projects. If you get real serious, buy the Weller...:)