I'm in the medium-quality tool camp.
I've bought some of the cheap drillbits, and they work OK for some stuff... However, there's nothing more annoying than trying to drill a hole with an 1/8" drillbit that has 1/4" of runout. (chair) :boxing:
I have a fairly cheap (~$75) drill index that I use. Whenever I break a bit, I replace it with a decent quality HSS American or Japanese bit. Seems to work well for me, but I don't make my living as a machinist.
My name is Electric Nachos. Sorry to impose, but I am the ocean.
http://www.bryanpryor.com
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)