Like all tools, reamers work best when continually cutting but there is a catch. Reamers can only take off about 0.005" or less without losing accuracy. If you look at the chart David linked, the pre-reamer drill is about that, 0.005" less than the reamer. A reamer can actually straighten a slightly crooked hole up to this 0.005" limit so pay attention to your drill size.
The material you're reaming also makes a difference. If the material is harder, drill even closer to the final reamer size because the reamer cannot take off as much. You also have to slow your speed in harder stuff.
Speeds matter. I know there are reamer speed recommendations all over the place but I tend to run reamers slow, somewhere in the 100-200 rpm range. The reason for this is because I can feel the reamer cutting as I feed in; if I go faster I lose that feel.
Feeds differ according to the material as well. Harder material require slower feeds and vice versa. This is where a manual machinist has an advantage for one-off stuff because he is going by feel. What you're looking for is a slight resistance as you feed the reamer into the hole and you have to maintain it so the tool cuts continuously. Push too fast and the reamer may deflect; push too slow and you burnish the cutting edges and dull your tool.
If all else fails, you can always bore it.