Just to let you all know, I have an extra circle cutter for cutting Button holes, Joystick holes, and Trackball holes. It is adjustable from 1" to 5" (perfect for control panel holes such as buttons and joysticks and even speaker holes).
It works great on MDF, laminate, thin material, etc. It also works with a drill press. I've done my whole control panel this way and I'm quite happy with it!
It should be about $12 shipped in US/Canada. I might be able to get more if there is enough interest.
There is some discussion here:
http://www.arcadecontrols.org/yabbse/index.php?board=1;action=display;threadid=18515;start=msg196426#msg196426