I have a cheaper version something like this:

http://www.sears.com/shc/s/p_10153_12605_00954094000P

Mine has a soldering tip. Soldering bullet connectors is easy. They have that little "cup" that the wire goes into. I just hold them cup side up with a pair of vise grips, put a drop of flux into the cup, and heat it up. I hold the solder in the cup until it melts, and then push a bit of solder in until it is about 3/4 full of liquid solder. Then I just poke the end of the wire (with a drop of flux on it) into the liquid and hold it until it cools down.

The torch is also good for shrinking the heat shrink when you are done.

I haven't seen any ESC's with bullet connectors installed, but I can solder them on in about 5 minutes, and I am just learning to solder properly.