Hey Jimbo -
It actually does have a cord, it's a 40 watt iron. It's OK for soldering connectors and wires but I haven't done any circuit boards in like 20 years - and to be frank I wasn't that great at it then.
So anyway I watched these tutorials yesterday:
http://www.youtube.com/watch?feature=player_embedded&v=J5Sb21qbpEQ
http://www.youtube.com/watch?feature=player_embedded&v=fYz5nIHH0iY
after watching those I think I need to step up from the one I have if I'm going to be doing circuit boards and some RF components. Was looking at the Hakko station like the one seen in the video, but according to the reviews I have found the Weller is good too.