I lug around a lot of tools, so I understand why you'd want to simplify your kit with a universal bit. In fact, I get a lot of use out of my multipurpose tools and accessories. But I do employ dedicated bits and blades depending upon whether a job demands precision, speed or cleanliness. When drilling large holes in lumber, for instance, I reach for a razor-sharp auger bit.
Regardless, I still believe in general-purpose bits. A 13-piece set of M2 high-speed steel bits ($10 to $12) can be an asset to anyone who's handy with a drill. With a tip geometry of 118 degrees, they'll readily bore through wood and even steel. Incidentally, when drilling steel, use cutting fluid; if you're using the tool at an angle or drilling upward, use a gel or cream lubricant to make sure that it stays put as you make your hole.
Source: http://www.popularmechanics.com/home/reviews/power-tools/the-only-drill-bit-you-need-to-own?src=rss
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