Large drill bit, verses rotary cutter. I think it may depend on how many holes you have to drill. In the factory I used to work in, it might have been 200, two and a quarter inch holes in plate, half inch thick, every day. Many other holes would also have to have been drilled. A small pilot was drilled, about a quarter of an inch then the 2 1/4 went straight through, slow speed, power feed, alkaloid oil/ water mix to cool. The oil water mix looks like milk. This was all done on a big radial drill. No way would it be possible to hold a hand drill with this amount of torque. Now if I wanted to drill the same size hole at home, then a rotary cutter would do the job, but a lot slower, with a good power drill. The drill bits we used were normal good quality bits, nothing fancy like cobalt, and were sharpened when I got around to it about once every 3 - 4 weeks or if someone done something daft and one got chipped. I don`t think a rotary cutter would last long in our working environment. The other way of making holes in our factory was simply to punch them out cold. The square holes in the hard tips of power harrows for the bolts, were made this way