Sounds similar to the old Weller system. I still have a WTCPN and tips on a shelf someplace (I should just put it on ebay). You can still get the tips from real vendors, and they are all over ebay.
It is, but the Weller is a much simpler design (simple switch vs. RF for Metcal).
Yeah, it always bugged me that for a lot of soldering tasks 600F (315C) was a little too low for the WTCPN, and 700F (371C) is a bit too high. It probably would have worked better if the iron had a lot more heat output and thermal mass, but then the price of tips would probably have been a lot higher.
Aside from cost, there's a balancing act to get heating times to a usable level without causing gross overshoot. A bit more power probably would improve matters IMHO, as 48W is a bit less than what they're producing now for general purpose/PTH oriented irons (65 - 80W currently, though there's even less mass in the tips <i.e.
LT series tips used w/ the WSP80 I have>).
Edit: I never actually checked to see how big the temperature swing is on the WTCPN... Might be geeky fun to check...
It might.
IIRC, the old Weller magnetic tips used to control a thermostat switch while the Metcal does not.
It's just a magnetic switch connected to the heating element. Below the curie point, the magnetic field keeps the switch closed, activating the heating element. Curie point reached, and it opens. Very simple design, and why they were so reliable. Base is just a transformer, no electronics.
Metcal uses RF induction. It's a lot more complicated, but gives a quicker response than the magnetic switch implementation used in the Wellers.