I wouldn't even attempt to use one of those for anything more than tinning small wire.
Its a resistance based soldering tool, and from what I hear, your lucky you get 2 or 3 soldering "sessions" about 20 secs a piece on a set of batteries.
Plus, I wouldn't take it anywhere near a circuit board, or IC, or even a led for that matter. If you were to touch two pins of a IC with it, there flows the current, right throught the IC, more likely to smoke it than solder to it.
The one workstation I have that I prefer for most all small soldering is a weller temperature controlled 50W station. (EC 1002 I think). You can find them relatively cheap online, arround $100.00 and you can get quite a few small tips for them. The one I use for smt work is .015" at the tip, and about 1" long.
If your looking at modding ps2's or any other device that requires soldering to individal pins on a smt chip (ps2's especially where you may have 4 or 5 pins in a row that require wires) you need the finest tip you can find, and good temperature control (a illuminated magnifier doesn't hurt either)...
Hope this helps!
SoundDoc