I have used my iron at the highest temperature. Place the laminating bag on a hard surface (I only use the countertop). Place a cotton pillowcase over the top and iron until the bag is sealed. It takes a few very slow passes with the iron and I'm sure a laminator would do it faster, but it works.
I think most of us are thinking of using personal laminators, which are the ones that require bags. My small, affordable laminator doesn't take up space, flick a switch, wait, do, insert, do something else, go back, retrieve, turn the switch, and that's it. A great idea, very practical for using the iron. I've been looking for a cheap laminator and haven't been able to find one.
If you need professional work and are going to laminate a lot, the laminating machine is probably the best thing, a professional job from time to time, at the local copy shop, if you only do a laminating project at home from time to time, the iron is a great idea, tape and contact paper can be good for children's projects. I don't agree with Wayne that the laminating machine saves money or time compared to the iron, but I just wanted to mention that comparing irons with hair dryers and microwaves doesn't make much sense, since they are all used for different purposes and for different periods of time. I already have an iron and a t-shirt, so all I have to buy are the bags and, when it comes to energy, I'll plan to laminate at the same time as I have items to iron. I only had to laminate a few postcards, so I was scared of having to buy a machine, not to mention that my house is already crammed with all kinds of gadgets and handicrafts. I have an old cast iron iron that wouldn't need electricity to use it, and since I use firewood, it wouldn't cost me anything more to heat it.
You still have to buy the laminating bags anyway, and if you already have an iron, you can also use it. Anyway, you have to buy the bags for the machine and the laminating machines get stuck easily, I wouldn't recommend buying them, since after two jams, the machine is garbage. Instead of ironing, I spray water on a wrinkled shirt, shake it off and hang it on the shower bar to dry. Personal laminators can be quite cheap: I had my 17 dollar laminator for a year of constant use.
Nobody says that “you shouldn't use any of these devices”, especially since some of them don't have greener alternatives yet (you could save a little energy if you used a portable garment steamer instead of an iron, but not much), but it wouldn't hurt to be a little more aware of the actual energy use of your appliances and what the alternatives are. Those who never plan to iron, do not have an iron and yet plan to laminate in the future, then buy an inexpensive laminator.