Some general thoughts on shopping for a drill press. I am biased toward metalworking drills, as they are much more demanding on the drill than wood working. Most of this will apply to wood and metal, but much more so metal.
When shopping for a drill press, you need to consider the following criteria.
1. Work to be performed. This is BY FAR the most important factor in choosing a drill. This dictates size, range of speed, horsepower, spindle size/type, etc. A drill designed for small holes in wood will not be useful if you want to drill large holes in steel.
2. Geared head or belt drive? Each have their advantages, but geared head is almost always preferred for torque and power, belts for speed.
3. Space requirements. A Carlton radial will almost always be a better drill for large holes in steel, but most guys can't fit one in their shops. Sometimes a bench model is all that will fit.
4. Budget. If you can't afford it, it doesn't matter how nice it is.
5. Availability. Some of us can't spend an eternity shopping estate sales and need one you can by at the store.
6. Build quality/COO/branding. For example, I would have a hard time owning any sort of Jet equipment, even if it was free. Utter garbage.
Answer these questions and then you can determine what drill press you should buy.
Personally, I own a 20" Solberga gear head and a 8/36 LUX radial. These both do what I need to do.
Some factors to consider.
A drill is NOT a milling machine. DO NOT buy one thinking you will mill slots. It is a bad idea and will almost always end in failure, either breaking the cutter, damaging the work, or damaging the spindle. Just be cause you CAN doesn't mean you SHOULD. The common XY table is for work positioning, not to turn your drill press into a milling machine.
Spindle type is going to vary, but almost always it is preferred to get a Morse taper spindle. The Morse taper is by far the most common of the self locking tapers that is easily released and is easy to get tooling for a drill. Chucks, drills, tapping heads and lots of various cutters like reamers are available in the Morse taper. Try to find one with a #3, it's the most versatile amongst machine tools. This allows you to quickly and easily change out chucks or drills without using special tooling like chuck separation wedges. All you need is the removal drift and a hammer. Jacobs taper spindles are common, but you can't easily change chucks and makes it hard to drive larger tools.
Reverse can be a handy feature, being able to do operations like tapping or using LH drills on stuck bolts is a cool feature. Sometimes you need to spin stuff CCW and CW. Useful, but not as required as some guys will make it sound like. If you've got a mess of tapping to do, look into a clutched tapping head, they are SO handy for threading.
Good work holding will make a world of difference. Get a good vise and learn how to fixture your work to make it stable. Lots of time the optimal settings for speed and feed are assuming a rigid setup and will chatter like a ***** if you are free floating a plate on the table. Tee slots in the table, float lock style vises, or fixtures make it much easier to get good holes. I use Cardinal Speed Vises and Kurt vises on my drills.
A good chuck can turn a seemingly mediocre or frustrating to use drill press into a much more serviceable machine. I ONLY use high quality chucks on my machines and it can make the difference between a pleasure to use machine or a lot of ruined drill bits. I use NOS or refurbished Jacobs Ball Bearing Superchucks and Albrecht keyless chucks for most of my work. New Jacobs Superchucks are not USA made and aren't as nice, but still serviceable. Rohm is also a great option. Being able to trust the chuck is tight and not slipping is a huge deal. I like to chain the chuck key right to the machine so it doesn't wander off.
Drill using the correct speeds and feeds, and use the right lubricants. Drilling and tapping fluid is essential for most work in metal, and you really should use the right stuff. Machine coolant aka soluble oil is also excellent for drilling if you have a way to contain it or pump it. It makes a mess, but is very much worth it on big drills or jobs where lots of heat or operations make the oily stuff too messy. Machinery's Handbook and numerous online calculators will help determine feeds and speeds. I would wager most guys are running too slow on most drills under 1/2" in steel. Remember, these settings are for IDEAL conditions, and you rarely have that on a drill press. That said, don't be that guy running a 1/4" drill at 80 rpm because "you run it slow in steel". Recommended SFM in mild steel is around 100 SFM, and if you use the manufacturer's recommended speeds and feeds, you should be running a 1/4" HSS drill at 1527 RPM and .002-.006 IPR feed. You NEED good, rigid work holding and coolant to run these feeds and speeds. If you don't have both, you need to slow it down or you'll burn up your drills. Keeping the drill cool is more important than just about anything else in drilling in steel. Personally, I would run at a speed that generates nice chips and keeps the drill cool, then worry about optimizing for tool life. You want to drill good holes first, preserve your tools second, then make the holes efficiently third.
Use good drills. High quality drills will make a huge difference in your ability to do good work. Keep them sharp, burr free on the shanks and don't let them get bent, chipped or overheated. I use CTD Magnum drills for most of my work, but companies like Guhring, Precision Twist Drill, Triumph, CleLine or other legacy makers will all do fine. Don't buy drills from the home center if you can avoid it. Those are intended to be used on wood or other less difficult materials and won't hold up. Standard 118° split point for 95% of work. HSS, no need to worry about coating. If you need coatings, you'll know it.
Good luck and happy drilling.