Assuming design schools today still have you making models with your hands, the 3D Simo Mini seems like the perfect tool for the industrial design student. We used to constantly be cutting foam with knives or hotwires and soldering wireframes together; this tool can do both of those, as well as let you 3D draw (which come to think of it, might obviate the need to solder wireframes at all). Take a look:
As for the burning functionality, I have to admit the only use I can project on it based on my own experiences isn't acceptable in today's world. Not only did I and some fellow ID buddies smoke back then, we were actually allowed to smoke in the studio. (Hell, one of our teachers chain-smoked in class.) So had I had one of these, yeah, I'd probably have been using it on the side to fire up some Camel Lights. Between that, inhaling plastic fumes off of a hotwire, inhaling solder fumes and handling solder with our bare hands, I'm really not sure which was worse.
In any case, the 3D Simo Mini has about a month left to pledge on Kickstarter, and it looks like it may need it: At press time it was only at $10,000 of a $70,000 target. Buy-in starts at $79, which isn't bad considering the device is expected to retial for $129. If you're an ID student, buy yours today! And don't smoke cigarettes!