I own a hobbystore and solder battery packs, connectors, motors, wires, plugs all day long for Radio Controlled Cars/Trucks/Planes/Boats/Helis....
If you're going to do a lot and do anything with a heavy gauge wire, a good iron will make your life incredibly easier. Just like everything, invest in a good tool and it will last forever and work great.
All the recommendations for a Hakko are spot on. We use one in the store and I personally own a FX-888 at home. They are incredible, they heat up almost immediately, the cords are nearly tangle free. Very nice.
However, given what we do here on BYOAC it's probably overkill for most things. If you are on a budget, for about half the cost of a Hakko... I would easily recommend this Weller Unit.
http://www.horizonhobby.com/products/solder-station-40w-120v-WELWLC100It's adjustable up to 40 watts, which is plenty for anything Arcade related the adjustable "heat" is very helpful, the iron just plugs into the powersupply, so if an iron goes on you down the road it's easy to replace and the whole unit works well as a stand/etc. I used one of these for years. And Weller tips are really easy to find.