I've assembled a KMAC, an MXmini, working on 3 Phantoms and have done plenty of other stuff (including SMD work) with that iron (WLC-100).
The key is to get tips to suit your work. I have an ST1 for keyboard work, an ST6 for SMD, and I use the stock tip for big ole wires and things. I use .020 63/37 solder for everything since I'm too damned cheap to drop another ~$35 on thicker just to save a couple bucks. I have yet to use up a spool, but I'm not soldering every day. Definitely don't go over .020 for SMD.
Test Equipment Depot has the WLC100 for just under their $40 minimum purchase, and free ground shipping. They carry all the tips at less than $3.
I use 63/37 leaded w/ rosin core, most people swear by Kester 44. TED happens to carry it.