For metal, get a cobalt steel set ($30-$60) and a Irwin Unibit. I use the Unibit more on sheet metal. Try not to use these on wood. Why? (1) mine usually have some oil or cutting fluid on them which I might not want on the wood, (2) tip geometry might not be the best for wood, (3) don't want pitch buildup on my metal bits (when drilling things like pine), (4) why use an expensive tool out in the yard where you might drop it on the pavement or lose it when a cheap tool is just as good.
For wood, I got a cheap $15 set of Ti coated bits from the local HI store (21 pcs, huge set).