Before I explain my beef with Radio Shack irons, let me point out that since I was burned by them (not literally), I haven't tried them again. I suppose something could have changed in the past, oh, 8-10 years I've been using other irons.
The last time I used an RS iron, it had this big crude tip that had a broader taper than a sharpened pencil. As I recall, the tip was a simple 1/8" diameter shaft with a 45 degree taper to it. That's completely unsuitable for delicate electronics work. But worse than that, it wouldn't hold solder well at all, and after enough heating/cooling cycles from cleaning the tip on a damp sponge, the tip literally cracked and shattered!
Since then, for pencil irons I've been using the $10 irons I can get at a local independent electronics shop. They're no-name irons, and the price is the same as Radio Shack's typical stuff, but the tips are replaceable, they have decent tapers, they hold solder well, and they stand up to normal use. Radio Shack irons seem designed solely for trivial tasks like tinning a few speaker wires and then being put back in the drawer for another few years, waiting for the next odd job.
I've also been using a soldering station, but I don't expect every DIYer to go out and buy one of those. They sure can spoil a guy, though.
EDIT: Oh yes, and Nick's spot on: helping hands are great, and the magnifying glass is indeed silly and should be removed ASAP. After that, it's a better tool for most electronics work than even the vaunted Panavise, IMHO. Cheaper, too. Caveat: the alligator clips aren't brazed to the little arms, they're just crimped on. I've had to do an amateur brazing job on one of them when it broke, but since then it's given me no trouble. I just heated it up with the soldering iron set as high as it would go and once it started accepting solder I just poured a bunch in the cracks. It holds up well now. A proper brazing job would have worked better, though.