Right now I'm using a shop made drill guide (that might be a little pretentious - it's a jointed/planed block with a corner cut out by a band saw - the corner is the drill guide.) There's a trade-off between accuracy (thickness of the block) and length of bit.
An HF drill press might be an upgrade. I'm waiting to pull the trigger until some project forces the issue.
So it's fun to hear the pros and cons (and all about Richard's love life!)