Foredoms are nice, good deal for the price but I have used a
UPower micromotor handpiece for 4 years and would suggest the
expense (about $850) to anyone interested in increasing their
production. The high speed, 32000 rpm top end makes fast work of
finishing as you can generate surface speeds equivalent to a 6"
buff off of a 1" wheel. Plus the one size-fits-all chuck makes
tool switching easy once you switch over your mandrels. As to
drill bits, Rio Grande makes a drill bit adapter that will hold
the various drill sizes. Any handpiece that has a lever operated
or twist open chuck (as the UPower does) will save lots of time
in burr and wheel changes. I still keep a Foredom at the bench
but usually use it only once a month or so. Rio Grande sells a
somewhat cheaper micromotor that only reaches 25000 rpm (about
$450), it might be a suitable compromise for those on a budget.
They also have deals on their website http://www.riogrande.com/,
check out the "Used and Discontinued" section.