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I read a lot about drill bits at one point and these are some notes that I left for myself in my list of tools to buy. You get what you pay for with drill bits. Cheap twist drills will dull and won't really be worth sharpening, I'd say if you use them a lot just spend the money but the philosophy at my shop seems to be buy them cheap and just toss em after they stop cutting. :
• Black oxide drill bits are cheapest and least durable
• Titanium nitride (gold) drill bits are mid level and the coating provides corrosion resistance and some lubrication but its only a coating so once it wears or you re-grind it, you lose that
• Carbide drill bits are best for metal cutting, cobalt is blended into the steel so they can be resharpened and retain the benefits of cobalt alloys
• Molybdenum I don't know that much about moly bits because I'm not a machinist but they're probably better for harder materials or longevity
This is a huuuuuge can of worms, so basically, the easiest explanation is get the best set you can reasonably afford. If you're drilling through wood a lot, it pays to have a set of brad points and forstner bits, so keep those on your radar.
For twist drills, really cheap sets will have better steel on common sizes, but the uncommon sizes in between will be garbage. Coatings matter in industrial settings, but don't even really begin to do anything if they're covering a shitty bit. DIY bits are what they are - pretty cheap, but skip over the Ryobi and Harbor freight and pick up a bigger name brand like Millwaukee and Dewalt, and it doesn't really matter which one. They're still cheap, but they won't shatter or get dull as quickly.
Now, since I've done a lot of steel work, and I've got the information rattling around in my brain, there's lots of excellent bits out there, and even more misinformation. First off, there's 2 basic materials the bit itself is made out of - high speed steel or cobalt. If you're using them in a handheld drill at all, go for HSS. Cobalt is harder and stays sharper longer, but it's also much more brittle - so keep that in the mill or drill press. A good HSS bit in wood will practically never need resharpening. For coatings; Black oxide is to prevent galling, heat buildup, and welding, mostly used for steels and ferrous metals. Bright and shinny finish is to aid in chip clearout, best for wood, plastics and aluminum. Gold oxide provides a polished finish, aiding in chip clearout and a little lubrication for plastics, titanium, and aluminum alloys. There's also the tip angle, common angles are 118° and 135°, the latter being more aggressive and faster cutting, but tearing out more on the backside and they're harder on the tool. Quality brands would include Chicago Latrobe, Triumph, Cleveland, Precision Twist, and so on. My local steel supplier carries Norseman, and they're kind of middle of the road, but still a very damn good US made brand.
I'm looking to replace my starter drill bit set (Hitachi hex shanks) given the attrition they have suffered over the past couple years of amateur/DIY-level house upkeep, the vast majority of it being woodwork. Now I have a new 20V DeWalt drill, I'm thinking Memorial Day / Father's Day is the time to upgrade the bits. I'm tempted by the Ryobi black oxide kits with 30-90 pieces; they have a bit of everything but the comments on them seem pretty mixed. Right now I'm looking at Makita, DeWalt, and Milwaukee kits, and would like to keep it under $30.
Here are some options below and I could really use some advice so I don't waste $25. Milwaukee are most expensive but I've seen people swear by the tools but not the bits. And does titanium vs oxide, or hex vs smooth, matter much for simple woodwork? Can someone steer me in the right direction? I'm leaning to DW1342 or B-65399. Thanks!
DeWalt DW1342 Titanium $25 for 21 pieces
DeWalt DW1361 Titanium with pilot points $29 for 21 pieces (reviews seem mixed on HD website)
DeWalt DW1177 Black & Gold oxides $26 for 21 pieces (again, some mixed reviews)
Makita B-65399 Impact Gold $17 for 14 pieces
Makita B-49373 large set $25 for 75 pieces (metric only, which isn't ideal)
Milwaukee Shockwave $25 for 15 pieces
Dewalt is replacing the black oxide with the black and gold, they wil actually have the exact same item number, look at the top right of the package, and see if you can find a photo of the black oxide one on the amazon page you ordered it from, itll be the same number. You basically just got the newer updated item.
It's really just chance as to what you get right now, some retailers still have the black oxide in stock while others have the black and gold. Hell, some even have both on the same shelf mixed together in store.
As far as i know, the black and gold is better than the black oxide though, so I think you lucked out getting the newer stuff.