Isn't expensive = isn't effective?
Epsom Salts vs., Ex-Lax and a Veyron is 'more effective,' than every other car?
Depends

laughing) how you're using it and how often.
A sharp drill bit is more effective than a dull one, and how you get it to be sharp doesn't really matter.
Expensive doesn't make it better if you're not going to get the benefit of it, or know you're getting the benefit of it. How many times has each one of us looked at a car or a bike and the person using it and said 'what a waste?'
....We've got a couple different drill grinders at work.
http://www.darex.com/
A couple of these
Darex Jobbies, they take a bit of practice to get good results, and we have this big ass one that will do up to 4 in diameter drills.
How many drills are you going to sharpen?
When I worked for the Race Team, they were sponsored at various times by Matco, Snap On, Mac and Travis Tool Company, and they supplied multiple sets of drills to the shop. The automotive guys, Snap On, Matco and Mac were not industrial quality. Put them in a CNC mill, and they wouldn't hold up.
Darex designed, sells, supports, and manufactures The Drill Doctor. Check this yourself; ront page of
www.drilldoctor.com look in the contact support field, lower left.
Homeowner stuff, random holes in motorcycle parts, or are you going to be making a couple of hundred holes a day? :giggity
For the drill bits you're going to buy at HD or OSH or Lowes, and most of what you're going to buy at MSC The Drill Doctor will be fine.
I have the Drill Doctor 750X and it is great, buy an extra sharpening wheels at the same time. If you have lots of wood paddle bits, the level above the 750 may be better for you, I still sharpen those the manual way.
It is good to know how to use a
Multi Use Rule and Gage, about $6 from OSH/Lowe's IF you have the right wheel on your grinder and can control the speed. It is faster to rough fix missing chunks on bits there, then hit up The Doctor.
The cost of The Drill Doctor is such that I'm sure I've saved the cost in using sharp drill bits and saved time. So convenient that I usually use the bit for the whatever I'm doing, and drop it in the 'needs to be sharpened pile,' when done. It takes less than a minute to index, set, and sharpen a bit with it.
I'm so happy with my Drill Doctor and
if you're really serious about sharpening bits buy mine for half of what this one sold for. It still has the USN Serial number plate on it, manuals, lots of grinding stones, and is just friggin' cool
Mine's a lot cleaner