Nice and light, kinda high speed 600 RPM - my Hougen has 250 and 450 speeds, they recommend 250 for over 1" diameter. The newer version of mine adds a 700 rpm speed, it's intended for carbide cutters (carbides handle the heat better)
From what I've read, I'd say it'd be fine for maybe 3/4" and smaller - With that high speed, I would probably use carbide cutters for holes over 3/4" if I was doing very many holes. The carbide cutters tend to be more expensive than HSS but as the saying goes, there ain't no such thing as a free luncy -
I have about 35 HSS cutters for my Hougen 917, all 2" DOC sizes from 7/16" up to 1-3/4" - so far, following the suggested RPM all my cutters are still as sharp as new, and some have over 100 holes thru anything from 1/8" mild steel up to 1" and a few 1-1/2" holes thru 3/4".
I'm spoiled by the swivel base (not on the champion) but REALLY like the 25 pound weight, mine weighs 50 lbs and the older I get the more it seems to weigh... Steve