The type of soldering iron you purchase really depends on your soldering skills and what you intend on using the iron for.
For reworking stuff like X-Box motherboards, you really need a temperature controlled iron with a small tip.
Wattage of the iron should be between 15 and 40 Watts. Iron temperature should be around 380 to 400 degrees Celsius.
For doing run of the mill soldering such as tinning wires, through-hole component soldering etc., then an iron that plugs directly into the AC, with no temperature compensation would be adequate, with a medium sized tip.
The picture below shows an example of some types of tips that are available for a certain Hakko iron.
We are only interested in the tip size at this point. So a chisel or conical type tip with a point size of around 0.5mm to 1.6mm would be ideal for X-Box reworking.
The red shaded areas don't come into play in regards to tip size, that's more for adaptation to your soldering iron.
What ever you do, DON'T get a tip with a really fine point, eg. 0.2mm or less, otherwise you won't be able to solder to high current areas or ground planes. The tip needs an adequate heating area.
Make sure that the soldering iron you buy has readily available tips, in various sizes.
The only types of soldering irons I prefer are Hakko and Weller. But there is a brand called Sunko which are Hakko clones, but for half the price. But they will do the job just as good as the Hakko's.
If you need tips on how to solder, then look on the internet, as there are a ton of tutorials on the subject.
By the way. If you do purchase a reasonable soldering iron (or even a cheapie), NEVER file the tip to clean it. You'll end up removing the special plating, and you'll find solder will no longer stick.
(IMG:
http://i78.photobucket.com/albums/j99/Riggon/Iron_tips.jpg)
I hope the above helps.
Regards,
DarkMatter
P.S. Picture is courtesy of WES Components catalog.