I'll add a bit to what stevecmo said (which is all good info).
2) Opinions vary greatly on whether toolholders are better, or collets (great taste!, less filling!). Let's break it down
* Holders are more expensive, and last longer. If you have mills with flats (weldon flats), they are _less_ likely to slip or pull out. They tend to have poorer concentricity than collets, which becomes a big deal on smaller end mills. If you leave your mill in the holder, you can remove it from your spindle, and replace it, and the z offset will not change (they have repeatability).
* Collets are cheaper, and have better concentricity. If you don't practice good collet use, you can get pullouts, or the mill can slip. Once you loosen the collet, you need to touch off on Z again (no repeatability in z).
3) ER collet holders combine the best of both worlds, the repeatability of a toolholder, and the concentricity of a collet. You only get the repeatability if you pull the whole holder out, leaving the end-mill intact in the collet. Some folks use them just like R8 collets, because they don't like reaching up to release the drawbar to change tools. This is more of an issue on a knee mill than on a desk/benchtop machine.
Speaking of good practice with collets, if you have not seen this document from Tormach, I highly recommend it, even if you are not using TTS tools
http://www.tormach.com/uploads/163/TD31090_ToolHolding-pdf.html
2) Opinions vary greatly on whether toolholders are better, or collets (great taste!, less filling!). Let's break it down
* Holders are more expensive, and last longer. If you have mills with flats (weldon flats), they are _less_ likely to slip or pull out. They tend to have poorer concentricity than collets, which becomes a big deal on smaller end mills. If you leave your mill in the holder, you can remove it from your spindle, and replace it, and the z offset will not change (they have repeatability).
* Collets are cheaper, and have better concentricity. If you don't practice good collet use, you can get pullouts, or the mill can slip. Once you loosen the collet, you need to touch off on Z again (no repeatability in z).
3) ER collet holders combine the best of both worlds, the repeatability of a toolholder, and the concentricity of a collet. You only get the repeatability if you pull the whole holder out, leaving the end-mill intact in the collet. Some folks use them just like R8 collets, because they don't like reaching up to release the drawbar to change tools. This is more of an issue on a knee mill than on a desk/benchtop machine.
Speaking of good practice with collets, if you have not seen this document from Tormach, I highly recommend it, even if you are not using TTS tools
http://www.tormach.com/uploads/163/TD31090_ToolHolding-pdf.html
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