This is an expensive way to drill a hole, but it works great.  It cuts fast and really is self feeding once it digs in.  Plus it can be resharpened.  If you have a lot of holes to drill use one of these paired with a high torque drill-much better than  spade bits, which quickly wear out or hole saws, which can bottom out after a couple of inches.  I like the Dewalt self-feed bits slightly more because they have two cutters and seem to work a little faster with less effort.