Once the bit is sharpened, it stays that way a lot longer if it's lubed well. I like to use non-salted lard, mixed with a little Diesel fuel or Kerosene as a drilling lube. On those slow, heavy cuts, it smells a lot like bacon frying! Most people run drills too fast, too dry, and don't put enough down pressure on the bit. At the right RPM and down pressure, a sharp bit will roll a continuous tight spiral of cuttings out of the hole. If you let the bit "skate" without making chips, it will overheat and dull itself in a hurry.
Jerry