Hi Rob
I am sorry but I have no photographs to help you but...
To cut a circle accurately I would use a trammel - something that fixes to your router and has a peg or 'trammel point' which is like the sharp bit that you find on a compas for drawing circles.
The problem with trammels when routing is that if you use them to cut all of the way through then the pivot (trammel) point suddenly disappears as you complete the cut as the centre piece is no longer attached. It can cause problems in weaker materials just before the final cutoff. To overcome this do not cut all the way through the circle on the first pass. Make a channel that is deep enough to take a bit that has a ball bearing fixture. At the end of the first pass, make a plunging cut all the way through to allow room for the ball bearing cutter.
Now turn the piece over and use the ball bearing cutter (it might be a flush trim bit, a rebate bit or some shape that you need) following the clean circular edge that you created in the first pass. Once the hole is established you can then shape it further by using other cutters in your router.
I seem to remember answering something like this a couple of months ago but I can't remember where.
I hope that this helps.
Peter