In the machine shop world, even a perfectly sharpened, top quality drill bit will cut oversize, particularly in hard metals like incolnel, hastelloy, tungsten, etc. There are tricks to make a twist drill cut undersize but if youíre working to close tolerance work you will use a reamer or if youíre working to very close tolerance work like Bob, youíll finish the hole on a jig grinder (spent a few years on a Moore #3)
Iíve never experimented on various woods but I would imagine they would cut a little oversize as the drill point wanders around in the grain, particularly smaller sized bits.
"I am enclosing two tickets to the first night of my new play; bring a
friend...if you have one."
--George Bernard Shaw to Winston Churchill
"Cannot possibly attend first night, will attend second..if there is
--Winston Churchill, in response