What's this $110 iron you speak of?
Swix FX is great for the price. I know a few shops that use either this model or the Swix economy one.
I have a friend that uses a normal iron, but I don't recommend it. The heat on clothing irons are not consistent. Furthermore, the wax will build up in the steam holes as you run it over your board heating the wax unevenly as well.
Not the biggest deal, as my friend obviously has no complaints (he's not that experienced anyway). I personally wouldn't do it.