Just got one today! (About time, it's been on a 3 month backorder

)
I tried it out, and it does exactly as advertized. Turn it on, a super bright LED lights up the work area. The tool remains cool until you touch the split tip to the work piece and complete the electrical circuit (a red LED on the top of the unit indicates when contact is made and tip is hot). Solder melts INSTANTLY! A couple seconds later, both joint and tool are indeed cool to the touch.
The tool makes very clean joints, very quickly, and it is very easy to control the flow of solder with. For small PCB pads, the space inbetween the two halves of the tip can actually be used to prevent solder from spilling onto nearby connections. It works extremely well with small diameter tin solder. I have burned many cords, carpets and fingers

with regular irons in the past. Considering soldering irons have been virtually unchanged since I was a kid, it's about time someone came up with a way to do it better. It does seem archaic to still be using wall current to heat up a 6 inch metal rod to the melting point of tin, when all you're really using is the tip.

The tip of the Cold Heat unit does indeed spark when you are working, but it is still only a 6v current (measured with a voltmeter) and the spark is not the loud, powerful type of spark you get when touching a doorknob on a bad hair day. According to their docs, the spark should not cause any damage unless you allow the two halves of the tip to touch opposite leads on a sensitive component. They do not recommend it for use with very small components, which I take to mean tiny surface-mount components and the like.
The heat also dissipates very quickly on the workpiece. As I said, the solder melts almost instantly when you apply it to the joint, and once the joint is made, it is cool to the touch within seconds. With a high peak temperature of 800 degrees, you do need to work fast, but then, half a second is all it takes to make a joint anyway. If you are melting components with ANY type of iron, you are not doing it right to begin with.
The tip appears to be graphite or something similar. (It will actually mark on paper.) The manual does warn against using excess pressure, which may break the tip, but again, if you are pressing that hard, you need to go back to soldering 101. It really only requires a light touch to get a good joint, no matter what kind of soldering iron you use.
Definitely the best features of this thing are convenience related. Not having a cord is its biggest asset, which instantly makes it much safer than a regular iron. Pulling the cord accidentally is the most common cause for damage to nearby objects and body parts. Plus, it cools off instantly so it's pretty much impossible to melt anything inadvertently anyway. This also means that the iron is not constantly giving off toxic fumes while it's sitting on the stand.

It is very light weight and easy to handle. The white LED on the nose makes work much easier.

And the tip does not require any tinning or other maintenance.

It's not made for heavy jobs like plumbing repair, but it seems to be great at what it does. All in all, a very sweet gadget! If you have the means, I highly recommend picking one up.
