drilling most holes isnt too tough - but you cant use a spade bit in a hand drill without a good possibility of injury.  they are made to be used with drill presses or simular.
  also... the stand device has locking angles and a depth stopper.  these work nice for special holes - that arnt so easy to do without the stand.
  why use a spade bit?   they are faster and easier to cut holes.   they are fairly cheap (yet very durrable)... and you can get a whole set for the cost of just a couple of hole saws.  (im not counting those all-in-one hole saws because they stink.  they break easily, holes arnt perfect..ect)
  fostner bits are the bomb of course... but very expensive unless you find a good deal on them.