I bought a 29 piece set of Black and Decker drills at Walmart and they have been great. Paid $30 for them. I have a couple of those ten dollar Warrior sets from HF and I must say, after sharpening, they have been great also. That being said, I sharpen all the cheap drills before using them because the conical grind is never on center. They are not accurately sharpened. If the grind is off center the hole will be oversize. I grind them with a four facet grind which eliminates the chisel point so they don't walk and they drill a clean on size hole. Once they have a precision grind they work great. I can drill a 1/4" hole and it is darn close to a reamed hole in quality. I have been using the same two sets for the last year and most of you know from the projects I have built I drill a lot of holes and they are still going strong. I have had to resharpen a few but with proper care and a good grind, even cheaper drills are good and last.
It is also important to use them properly. If you throw a bit in the drill press and just punch holes, you are going to be disappointed. I always start with a smaller drill and work up to a larger drill. Your holes will be smoother, more on size and round. I also always use a good clear cutting oil when drilling. The drills cut better, easier and last longer between sharpenings. I also run them at their proper speed for best cutting . I get bottles of Oatley clear cutting oil from Amazon for $2.77 a bottle (16 oz) as an add on item when I order something. It is great for drilling. I keep a half dozen bottles all the time.
BUT this is only MY opinion.
