Power is the most significant advantage of the drill press. You can drill hard materials with leverage instead of sweat. They’re going to drill a direct hole through or through your stuff. This would be useful when you need to drill large holes with Forstner bits or steel, or other metal. Also, small bits require a massive effort to drill metal. Save all that energy by using a drill press.

You can drill repeated holes with a basic jig by merely sliding your stock from side to side and holding it to a moving fence. Attach a Mortising jig, and you’ve got a mortise system now. Or drum sanding pieces, and you’ve got a flexible sander for irregular surfaces. Attach a wire brush or polishing arbor, and you can use it to clean the tools, polish the brass, etc. I use mine to polish my necklace when it’s needed.

I gave a rotating drill press that allows the head to be turned from side to side or corners, either way, or extended, with a broader range of widths. I’m living with its versatility. I can set my stock to a fixed fence and turn it to the right size. I’ve got mine from the Harbor Freight Tools. Anyway, I don’t think they are manufacturing them anymore, which I have been using strong for 20 years. I wish it had a bigger motor than this. But it does the job.

Editor’s choice: WEN 4214 Speed Drill Press

Infinitely variable speed ranges from 580-3200 RPMS. Mechanical variable speed delivers equal torque throughout the range. LED read out displays speed.
Spindle Travel of 3-1/8″ with easy to read, locking linear depth stop for accurate and repeatable drilling operations. Front to the back of the motor is 22 inches
Quill diameter of 2.17 inches. Durable 2/3hp induction motor develops ample torque and power. Motor: 120 V, 60 Hz. Laser Module: Class III
9-1/2 x 9-1/2″ cast iron worktable features rack & pinion height adjustment and bevels up to 45 Degree left & right. Width with the handles: 14-1/2″

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Pros

The main advantage is accuracy. A drill press will drill at a precise and consistent angle and can be set to stop at a precise depth. This is very difficult to do with a hand drill and can never be as accurate or consistent as a drill press. Good drill presses are capable of metalworking (machinist) tolerances.
With a proper work-holding setup, it can be much faster.
It can be used with centerless bits such as plug cutters which are impossible to use with handheld drills.

Cons

Their main disadvantage is you have to take the work to them. Hand drills’ main advantage is you can take them to work. (An exception is the magnetic drill presses used in steel construction, but this is a very specialized exception.)
Another drawback is the limited travel of the arbor. Most will only drill 4″ (100mm). Some will go to 6″ (150mm), but these are rather rare.
They also are limited to the size of workpiece they can accommodate. The work has to fit between the top of the drill bit and the base plate of the drill press.
Power is not a major distinction.