if you're looking to work on your bass ... save your $$$ and purchase a real soldering iron instead. while it may be (I can't find a use for one, but I'm sure somebody could ... and use it when they're not using their new awsome auger) usable for some kinds of soldering work, it's definitely not the tool for detailed and precision guitar work
I have a cold heat solder gun and would not recommend getting one. If you want something portable get a butane iron. I recently bought one and I love it. Its very quick to heat up and I'm still on my first butane fill after 4 or 5 soldering jobs. Its very handy for car, trailer, outdoor wiring as well. If you don't need portability and aren't doing a lot of soldering get a cheaper plug in pen style. If you're doing a lot of soldering get a soldering station.
I don't have anything new to add. My ex bought me one for my birthday and I tried it a couple of times...it's just crappy. The tip broke and it doesn't get hot enough.
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Adam
Official Aguilar Club Founder; Spector Club #84