I'll toss in my 2 cents. I think your primary question is about the drill bit but, first let me say that I am also a fan of McFeely's square (Robertson) drive screws. There are plenty of other quality screws out there as well. McFeely's cost about the same as the big box store screws that will break causing frustration and damage to your project. I just didn't know there was that much difference for so little difference in price till I got a little educated here and on other forums
On to drill bits. As Don said; a can of worms. For wood I use brad point bits and yes, there's a difference there too (but the price isn't close like on the screws ). I have a set of split point bits. Its an inexpensive set that came in a plastic case along with some screwdriver bits, spade bits, center punch, some small hole saws and all that. You know the ones that the big box stores carry?
It was a gift from a well meaning non-woodworker but, surprisingly, it has met almost all my needs for common split point bits. You can get into all sorts of differences like point type and angle (split point, bullet point, 135*, 85*), helix rate (how many twists), material (black oxide, HSS, titanium, cobalt) and so forth. For the amount that I use this type of bit, any reasonable quality (meaning they are straight and the diameter is what they say it is) bit has worked fine for me. They are inexpensive so you could pick up a few of the size you need (see chart) or a small set.
As to brad point bits; these are my bread and butter for wood boring. I tried several bargain sets which were as you might imagine. Diameters were approximate, they wobble, don't hold an edge, tear on entry and exit and all those things we get when we buy a set for what one good bit costs . Before we get into a Ford/Chevy argument in this thread, I will say that there are many quality brad point bit makers out there. My current favorites are Lee Valley lipped bits. The cost has me using others as well but, when its critical, I each for the LV set.
This is a conversation that could go on as long as those "is Festool worth the money" or "what kind of dust collector should I get" threads so I will just stop here having used up wayyyyy too many pixels already. Run to the store and spend a few bucks on a small set of split point bits to keep you moving on your project. The rest will come in time.
Last edited by glenn bradley; 10-11-2010 at 02:10 PM.
Any sufficiently advanced technology is indistinguishable from magic.
- Arthur C. Clarke