You're gonna love it!
Just please be careful. It heats up to 1300 degrees F. A year ago, I made the mistake of having my Treo 700wx in my work area when I was using it, and of course I dropped the hot knife on it (my $500 phone was like 1 week old). It instantaneously melted part of the face and one of the buttons. *Sob* I had to use it to go around the button to melt it off of the face so I could still use my phone.
It does work like magic on foamcore, though.
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