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.