Getting a bit off-track here...
Simply put, most here on the board will get the best overall utility out of cobalt bits- that is, assuming you buy bits that actually have a given percentage of cobalt in them, and aren't just Chinese scrap-metal drills
called "cobalt".
Keep in mind that a lot-
way too many- drills you find in retail and box stores will use buzzwords like Titanium and Cobalt as
brand names, not descriptions. "
Titanium Brand Twist Drills" is considerably different from "Titanium-Nitride
Coated Twist Drills".
Cobalt drills are simply HSS (high speed steel) with upwards of 8% Cobalt added- an alloy called M42. I raises the "red hardness" of the steel, so that the drill retains it's strength even at elevated temperatures.
In terms of cost, HSS and "black oxide" (which is just a coating on HSS) are the cheapest. Cobalt adds a bit of cost, but tends to make the drill last longer and perform better. Carbide, on the other hand, is anywhere from three to six times more expensive than even cobalt, and if you don't have the rigid setup and flood coolant virtually required of carbide use, you won't get any significantly longer life out of it before the edge chips or it breaks entirely.
And even then, just straight HSS will work for 90%+ of all your drilling needs. Just keep an eye on your spindle speed, and use a lube of some form (doesn't have to be anything fancy- cheap motor oil is often just fine) and keep the bit sharp.
And that last part is the key; drill bits wear in use just as grinding belts do, just as the knife edge itself does. They need to be periodically sharpened for best performance, which is why I noted, as others did, in the other thread that it's very much worthwhile to learn how to sharpen your own drills. (Or to buy a Drill Doctor, although doing it by hand is cheaper, and often just as fast.)
And because of
that, exotic coatings like "Titanium" (titanium nitride, or 'TiN') have very little use outside the mass-production arena. Properly applied over good steel, TiN will help the bit stay sharp a little longer, and will reduce chip welding at the cutting edge, but the sad fact is, unless you buy them from a reliable jobber- in other words, if you get them from places like Home Depot or out of the cheap end of an ENCO catalog, you won't get what you paid for.
They'll either be plated with something not TiN- we've seen cases where the gold coloring is actually a thin copper flash- or is, in fact, Titanium Nitride, but applied so thin it's basically just a color wash. Literally only molecules thick.
So all that said, while it's handy to have a couple of exotic bits on hand for emergencies (I keep one particular carbide drill on hand just for drilling the ends of taps to use a tapping-point guide) you'll do just fine with standard HSS and the occasional M42 Cobalt drills. Personally, I have well over 10,000 drills in the shop, ranging from 0.050" to 2", and out of all those, there's fewer than 20 that
aren't simple black-oxide HSS. And with them I do everything from brass and Delrin up to annealed carbon steels and cast irons.
Which is, now that I think about it, one of the other benefits to learning to hand-sharpen drills; You can, with just a few minutes on a grinder, change the point angles as well. A steeper angle (sharper point) for softer materials, a shallower angle for harder materials. It makes a difference, but is worth a whole books' worth of posts all by itself.
Doc.