Got the ADS200 yesterday and I have a few observations.
First, it's interesting to see the late-70's technology--PLCC, red LEDs, 7805 regulator and 5V logic, iron transformer, etc. And then there's the low-volume industrial construction--extruded housing (but cut at jaunty angles), crude die-cast front frame that has been sandblasted to hide the grinding marks. Assembly was good except they left too much cable inside the ISB stand and it was hitting the iron. I'm not sure whether that's all good or bad--I suppose it cuts both ways. It's certainly durable and repairable.
At first glance it certainly works well. I got larger tips (the large Ultra miniwave and the 13/64" chisel) and with the latter I was able to solder up a penny in short order. Another review mentioned that you really can't get 120W out of it and so far I concur--even with the big chisel tip the power consumption of the unit peaked at 90W and the station draws ~8W at idle. I was using the 370C setting, perhaps you won't get 120W at that temp. Has anyone managed to get 120W of heat out of the unit?
As others have noted, the 7805 regulator plus its non-anchored heat sink (why?) are right up against the filter capacitor. Fortunately, since it is just "flapping in the breeze" you can just bend it out of the way a bit. I wondered if that really mattered and how hot the regulator was running, so I took an IR photo of it. There's about 28V being dropped across the regulator (I measured it) and after ten minutes or so it stablized at ~80C, so not terrible but not something you want butted up to the capacitor. Maybe some Kapton tape on the capacitor would be good. The whole circuit board seems to be sort of "hey, it works", which it does.