Just fixed mine with info found on hear. If you're a little handy or have someone who is it's a simple fix. Under bottom plate a thermal fuse is connected in black wire under white insulation. I picked one up at radio shack (http://www.radioshack.com/search/index.jsp?kwCatId=&kw=thermal%20fuse&origkw=thermal%20fuse&sr=1) got the 228 dgree C. I **** insulation and removed. I then cut black wire at connection at each side. I then placed new fuse in line and crimped small connectors on each side. Placed insulation back on and taped up. Screwed back together and it worked fine. Fuse cost $1.69. To think I almost tossed it.

The most common reason for not heating up is because of a blown thermal fuse. Apparently the controller lets the iron get too hot or the fuse is out of manufacturing tolerance - and so the fuse opens.
The green lamp is normally lit when the relay is off and dark when the relay is on. When cold, the relay normally turns on within a second of power-up (switched on). During power-up, the green (ready) lamp should flicker on, and then as the relay clicks, go dark. If the green (ready) lamp does not flicker, the fuse is probably blown.
The fuse is clamped inside the bottom clamshell in silicon tubing. A replacement fuse (240°C) can be purchased from many sources. The fuse should be re-attached to the wires with new all-metal crimp fasteners. You can get the crimp tool at hardware stores, Radio Shack, Lowes, etc.
If the iron is getting too hot and blowing thermal fuses, you may be able to avoid this failure by keeping the thermostat set lower.

If the thermal fuse blows again, try replacing it again with the correct fuse. Then leave the stainless steel cover off (i must warn against this procedure if kids are going to use it). use it until you are convinced that the problem may be fixed.
I think that the heat is building up under that steel cover causing the fuse to blow.
You can then cut/drill holes in the cover then install.

Let me know if this works for anyone else?