I have old us made drills, Cleveland, Greenfield, Chicago twist, old hansen...I have some cheaper craftsman's, but my experiences with cheap drill bits from various brands leads me to stay away. Norseman are my choice for replacements to the us made I have when they break.
As to bits..I primarily use 6" torx, and my bits are either Bosch or Irwin industrial (bought from cripe), Philips are 6" Irwin from the store I work at, and my socket adaptor set is HF...holding up just as well as my chrome China craftsman sockets are to being used on an impact tool...at least in 1/4 and 3/8. All of the above bits get used regularly and hold up great. Couldn't say about shorter bits or bits to use as a screw gun... I always used Bosch drywall #2 bits in bulk packs or square drive for decking screws with my drills...have yet to use my impact in that task as its a mechanics tool for me rather than construction.