Uhh, this drill was not designed for "Drill Bits" its for annular cutters..which is a totally different ballgame then using drill bits.
Single Speed - yes, but I wouldn't go around saying its the bottom of the line Milwaukee...its the Compact version.
Having owned/used the 4206 "Big One" as you said, I'd MUCH rather have the Compact one...
This 4270 Mag Drill cuts nice clean 1.5" Holes all day long. I do have the chuck option on mine, and can drill 1/2" steel with ease...so I don't know where you get your "5/16 or smaller"
It's the cheapest mag drill they make, that's why it's the bottom of the line. It will sure work better with annular cutters than drills, but saying that's what it's designed for is a bit ridiculous. Do you think most of the guys here are going to spring $30-$50 a pop for annular cutters when they cry about dropping $80-$100 on a good 29pc drill set?
I made it quite clear that 5/16 was hole size, not plate thickness. Not that plate thickness has anything to do with the equation. Is two holes in 1/2" plate different than one hole in 1"?
I'm not saying its a piece of junk, it's just a cheap light duty drill, I want the guys here to have reasonable expectations. Hell, I've punched 1" holes in 1" plate with a Milwaukee Magnum, run 4" hole saws in them, too. Just because you can, doesn't mean you should.
I've done metal fabrication professionally for 40 years. I probably drill more holes in a year or two than a lot of the guys here do in a lifetime. At home I work within the limitations of my equipment. You don't seem to see the difference.
So guys, annular cutters will dramatically increase the capacity of any drill press. At a healthy price. Running big drills with a small single speed device will smoke the motor, sooner than later, not to mention dull drills at a rapid pace. Buy a ticket, take the ride.