These came in. Despite me thinking they'd be clones of one another, the pictures do reflect the physical differences. The cheap one came w/a shorter pilot bit w/poor runout, it also has less meat where the set screw goes so it's easier for it to come off when inserting the bit. Despite that, the cheap one cut through 3/16" mild steel like butter. The brazing was a bit messy so we'll see how long those carbides stay in place. This is a decent deal imo if you don't care to be all that accurate (electrical box holes for instance). I might pick two more.
The 7$ one came w/two pilot bits that were longer and w/much better runout. It seemed to not cut as easy as the cheap one but got the job done just fine. I'll keep both since the cheap one needed a better pilot bit and the pricier one came w/a spare.

I picked this up to chamfer holes, it's for stone but I'll be using it on steel: