I just punched two holes. I started with a step bit from harbor freight, I could have easily finished with this tool. It was going smoothly and quickly, and the hole was fairly clean. Anyhow, i used the step bit for the pilot hole then the greenlee tool (borrowed from work) to finish. Man, that is a slick tool, so easy and a perfect clean cut. My point is, I think the step bits work pretty well, even a cheap HF tool. I would go step bit if I didn't have access to the free tool.