I have a $12 B&D from Walmart also.
I bring it with me to my sewing group and 3 of the other women in the group (mind you, there are only 9 of us so far) loved my iron so much that they went out and bought one too!
I have to say that I really like the newer one - you can see the water line a bit better... I have iron envy lol... but not enough to go out and buy another one yet!