Forstner bits are awesome. After discovering them for myself, I use my set every chance I get. Even the less-expensive bits leave smooth bore holes with almost no splintering. If you’re a serious woodworker you might want to take a look at some of the finer bits on the market: Bormax Forstner style bits from German manufacturer FAMAG.
The patented design is formed by razor-sharp teeth set in a “wave-form” pattern. It produces less friction and heat, requires less power, and wears slower than other Forstner-style bits. The “wave-form” pattern also clears dust and chips efficiently, producing tear-free and accurate holes. You can use the bits in wood, MDF, plywood, and plastic.
Precision machined from high carbon steel, the imperial sized bits either have a 5/16″ or 3/8″ shank and they’re sold in sizes from 5/8 to 2-1/4″. You’re going to shell out anywhere from $20 to $75 for a single Bormax bit depending on the size. To save some money, you can purchase kits with either 5 or 16 bits for $140 or $530, respectively.