Stumpy Nubs did a podcast a while back comparing drill bits and found three types that worked better than even the best brad point bits. I bought the Norseman Vortex bits and they really are something. Holes are exceptionally clean with no tearout. I haven't tried them on steel yet (may not, they are expensive) but they're the best wood bits I've used.
Hard to find these days but I have several Colt 5 Star brad point bits and they cut clean, even on the unbacked/unsupported exit hole.
I bought a couple of them but they became unobtanium pretty quickly. Colt is still around but the only ones I've seen in years are the "Twin Land" variety.
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