Like any other butane micro torch, it has an adjustable flame, a self-lighting ignition, and flame-locking mechanism (so it stays on without you having to hold the trigger the whole time). When I started working on pieces bigger than 3/4" or 1" I found that I need a larger flame from a larger torch, for which I like my Ronson torch.
Then I got my Roburn MT-770 and for a long time it did everything I needed: soldering jump rings, fusing jump rings, balling up head pin ends, soldering earring posts, earring-sized sweat-soldering, and small bezels. The torch itself seemed to be a little temperamental to fill and light, though. The pencil torch was my first torch and it worked fine on jump rings. It's true that I have several butane torches where one jeweler's torch could do the job, but all three cost less than one jeweler's torch, they're portable, and they work well.
What I do have is a bunch of different sized butane torches. The duel-fuel Smith soldering torch is the most versatile, with its changeable tips, but for a young mom with limited studio time, I find it's also the most cumbersome (because of the tanks) and potentially-dangerous (because of the tanks), so I don't use it much right now. Over the years I have acquired most of these. There are small, medium, and large butane torches as well as dual-fuel jeweler's torches that come with a variety of tips.
You'll need files and sandpaper, too, but if you've worked with any kind of metal in the past you should already have those on hand. In terms of the essentials, besides the flux and solder we've already talked about, and the pickle we'll talk about later, all you'll need is a butane micro torch ($30-ish) and a firing surface that won't absorb heat from your project. Are you a tool junky? Do you want a reason to feed your addiction? Just kidding - I know you don't need one, but soldering is a great excuse for explaining your torch accumulation! While you can get away with only having a few essentials, there are a lot of tools out there that makes the job of soldering a lot easier.