Drill Doctor has been around since 1997, but if you haven’t heard of them, you might be throwing away (or worse yet using) drill bits that could be working a lot better.
Drill Doctor manufactures a range of electric drill sharpeners, including the DD350X, which they recommend for homeowner/weekend craftsman/hobbyist and starts at $79.95 direct. Some features include on-chuck alignment (which they say eliminates the need for an alignment port and simplifies the sharpening process) and V-block jaws (which helps to eliminate jaw twisting on smaller bits). It’s designed to sharpen 3/32″ to 1/2″ high-speed steel, carbinde, TiN-coated, and masonry drill bits.
They also stock and sell much more complex and expensive units for larger bits and production use. A selection of their units are available at Lowe’s, Home Depot, and Sears, and (of course) Drill Doctor direct via their website.