Drilling is not so much an art as it is a form that requires key elements-the right tool, the correct procedure, and a good, sharp bit. You can skate by with two of the three occasionally (I'm guilty of skipping the proper course of action quite often, but not starting with a pilot hole or even punching the intended spot to begin with usually warrants bad results), but don't waste your time trying to cut through 3/8-inch plate with a chintzy same-size drill and a worn-out bit. As for the tool portion of the formula, you don't necessarily need to buy a $400 Hilti power drill-an electric or even a high-powered cordless Craftsman will suffice-but think twice about skimping on the cutters. Cheap drill bit kits are just that, cheap, and are known for losing their edge and hardness rather quickly, not long after rendering themselves useless until someone takes the time to replace or attempt to sharpen them.
Typically, you're better off spending a little more for a decent set of titanium bits that will give you plenty of hours with your favorite drill-but like any metal-to-metal device, it will eventually lose its edge (not nearly as quickly as a cheap bit, though). Well, with either Drill Doctor's 500X or 750X sharpening kits, when that times does come-which it will if you put any time on your drills-you can get back to the good old drilling you're used to with little time and even less effort.
The Drill Doctor's diamond cutting wheel not only sharpens bit points like a professional, it also splits points (or re-splits existing points). Once you become acquainted with the tool, you may spend quite a bit of time going through all those seemingly worthless drill bits and realizing they're almost as good as new after a few minutes in the sharpener. That's exactly what I did. It also helped me better familiarize myself with the various cuts, angles, and especially the poor craftsmanship of a number of my bits. While I still firmly believe that you pay for quality when it comes to most tools, I now understand the importance of proper care and maintenance, namely keeping my bits sharp.
As mentioned, along with varying tip types, there are also different tip angles. The most common are 118- and 135-degree tips. The Drill Doctor 500X will accommodate both; the 750X can sharpen up to 140 degrees. Each kit comes with an angle reference guide (shown) included in the manual. | 
First and foremost, thoroughly familiarize yourself with the Drill Doctor before performing any sharpening, starting with the alignment port. While this serves no mechanical function, it does determine whether or not your bit will be sharpened correctly, so make sure you understand how it's set up. | 
On the right is a TiN (titanium nitride) coated HSS split-point; next to it is a standard type. The "point" of the split is that these bits are self-centering and intended to cut through harder materials with less effort. As you will see, you can turn a standard into a split-point with the Drill Doctor. |
Here's a nice old bit with plenty of cutting time under its belt. While it may not do that great of a job as-is, it's not junk, either. After a few minutes in the Drill Doctor, it will be back in the starting lineup. | 
Insert your bit into the chuck and tighten it so that you can still turn the bit by hand with no slop. Slide the chuck into the alignment port in the desired angle position (118 or 135)... | 
...and with the alignment button depressed (opening the bit clamps), push the bit in until it's against the stop. Make certain the clamps are depressed into the lowest/deepest portion of the bit. |