I prefer my air drills at work, and cordless at home. Air drills are awesome for aluminum and wood, but without a regulator will **** with steel. I like how fast it is, and that there is no way to overheat it, you can really lean into it without worrying about burning up the motor. Most will also stall rather than try to break your wrist. Stalling these does not hurt them either. That said, for a really good one, you are looking at $150+. By really good I mean has good power and is also fairly quiet. The 1/4" Sioux that the company I work for provided cost over $200 new, but I got an old "hand me down" one (looks well over 10 years old), and it still works great. It has a keyed chuck, and no reverse. I did not have enough money and wanted a second air drill so I got the old style Kobalt 3/8" to try out. It is reversible, and has a keyless chuck. It was LOUD much louder than most 1/2" impacts. I kept it for a while unused, then made it quieter and "shaved" the main body quite a bit. I love it now, and for a cheap air drill it has a great chuck. Both drills have Jacobs chucks. Another advantage is they can be used underwater if you ever need to drill holes underwater for some reason......
I also have a 1/2" Hitachi 18 volt NiCad cordless drill. I thought I got a deal, but it ***** for what I paid for it. The keyless chuck slips way too much, the handle doesn't fit my hand and hurts after using it hard. Another guy a work has the newer 18 volt Lithium Ion version. It has a much better chuck, and much better handle. I would recommend that one.
So for air drills I would recommend the Kobalt, I will post a thread sometime about how to make it quiet soon. After modifying it, it seems to stand up very well in the power/noise category with similar Sioux, Matco, and Snap-On drills other people at work have. But I am pretty sure the others will outlast this one by several years, maybe even decades. The Kobalt is my "go to" drill, the Sioux I use for more precise work because it is very easy to handle.