I have yet to be persuaded by any newer drill, whether battery powered, or corded to give up my Milwaukee Magnum 1/4 inch drill, due to its combination of speed (0 - 2500 RPM), power/torque (>5 A), durability (I have pumped out foundations with it!), and most important - its precision geared "zero" chuck that will accurately hold the tiniest bits and those up to and slightly above 1/4 inch without slipping or marring the drill bit shank. Most of the "no chuck wrench" drill chucks I have experienced slip at some point, and I think I read at least one complaint that the C12 chuck does slip. I would like to learn that I am wrong in this, so teach me whose keyless chuck products actually work without slipping on a round drill bit shank, e.g. when breaking through steel or cast iron.
Cheap drill bits - sure, why not for some projects? I recently bought some from Northern Hydraulic (MN) made in PRC. $20 for and indexed set of twist drills from 1/64th to 1/2 inch, TiN coated, and with extra drill bits in the small sizes that are commonly used and easily broken. The first one I tried, 9/64ths had slight observable runout, but it quickly drilled the 4 holes I needed through the edges of the cast iron top of my table saw, which were intentionally sized for a loose slip fit of 1/4" bolts. On the other hand, I also own a high quality set of twist drills, that I limit to use on a drill press when I need more precision.