OK, so I was perusing thinkgeek.com, and I came across this neat little thing. It can get to 500 degrees in less than a second, than cool down in three seconds. How on earth does this little do-dad work? Does it use some really cool thermoelectric material? Regardless, what I do know is that I want it. 
This:
Makes me think it’s an induction heater.
After reading through the FAQ and manuals at the bottom of the page, I’m wondering if it functions like a miniature arc welder, i.e. charges up a capacitor then discharges it across the leads to melt the solder?