The Neiko step drill is one of those tools that once you own it, myriad applications previously not considered magically appear.  Like any step drill, it is a tremendous cost saver when compared to purchasing individual bits of equivalent diameters. Yet, it has a few advantages over conventional bits as it acts as a nice deburring tool in certain circumstances. It can also be a great time saver when installing electrical connectors and switches in electronic enclosures or automobile dashboards. You don't have to constantly switch bits.