300 x 300mm work area PCB drill press for about $15 in parts (no, that's not including the rotary tool!).
Because PCBs are woven fibreglass and epoxy they're tough as anything and we're making tiny holes, usually a millimeter or less. The drill must spin at high RPM to make the outside edge of the tiny diameter bit travel fast enough. This rotary tool will do 35,000 RPM which drives through PCBs like butter.
Photo set: http://www.flickr.com/photos/21273834@N04/sets/72157629050263263/
Inspired by: http://www.instructables.com/id/PCB-Drill-Press-Using-Salvaged-Door-Hinges/