Still, any cutting/drilling tool is only as good as the part that does the cutting, so whatever you do dont buy cheap bits and you'll be a LOT happier in the long run.
Freq 2002 got that right. Places like Sears no longer sell High Speed Steel drill bits, the ones that actually stay sharp for a while. I've been getting them for my sons on ebay.
It's worth remembering that drill bits can be resharpended repeatedly. It's easy to do freehand on a bench grinder once someone shows you the technique. Contraptions like Drill Doctor are completely unnecessary and don't do any better than what you can do freehand with a bench grinder and a drill point gauge.
