I agree that and iron condor is very commission intensive, but it offers a way to be short vega and long theta without the unlimited risk exposure of a straddle/strangle. Is it the holy grail? Of course not! It is just a strategy that has its place and time. By the way, you only mention volatility, but it's not the only thing that affects an iron condor. You also have time decay that works in your favor, and as I have mentioned in a post above, changes in volatility only impact mark-to-market, if you hold to expiry then the only thing that matters is that the realized volatility lower than the one you sold at.
Hey Gait, Yeah you raise some valid points. I think IC's can still be profitable even if vols go up as long as it isn't a huge move up as the trade would just need more time for theta to do it's bit. If I put on an IC 2-3 months out and vol's go down a fair bit, then I can take off (usually the put side) pretty early on in the game. If vol's go down too fast then obviously the sold call strike could be in danger as the market might be floating up too quick.