I was getting no where with a 1" spade bit in my cordless drill, and I needed to drill a lot of holes to run the wiring in my basement.  So I tried a self-boring bit, and my cordless drill quickly started smoking.  That's when I went and got this drill.  It blasts through studs effortlessly with a 1-1/8" self-boring bit.  This thing saved me hours of tedious drilling.