Good point CyberPunk - proper cutting oils are a great idea and not too expensive either.
I think the main prob with a saw bit (esp. with mdf) is that it only cuts out a groove, not a hole. A spade bit, on the other hand is like a really big drill bit (ok - I am exaggerating but you get the point!)
The saw bit will see more friction and less cooling than the spade bit - it is that simple. This is also because mdf is soft and made of sawdust. When you cut it, it clogs everything, including the groove you are making with a holesaw! I find that a holesaw works better on hard, brittle surfaces (like a melanine top) but poorly on soft surfaces. Vice-versa for spade bits, which make a mess of a melamine top!
And, (once again, conversely,) I am happier using a spade bit without a drill press than a holesaw without one. The way I see it, the spade bit allows a little margin for error. With the holesaw, you have to keep the bit at a perfect 90 degrees to keep the cut smooth. If not, you are rubbing against the wall of the groove and that = more friction, which is not good.
In short, I think that this hobby attracts lots of different people, with different skills, but the one thing that seems most common to be lacking is a good selection and knowledge of woodworking tools. For the average person who is buying a bit specially, and only for this project , I suggest the spade bit. It is more forgiving and much easier, and to be perfectly truthful, you would have to be a bit of a wally not end end up with a perfectly usable, clean cut and evenly spaced hole. Using only a home drill and no guides or presses. (And no oil either.)
Anyway, that, as I say, is how I see it - all it takes is a little common sense, patience and care, not necessarily expensive tools. A lot of people recommend a plethora of expensive tools, but to be honest, the most important tools are common sense and patience. Choose the right tool for the job of course, but there is no need to go out and buy so many things for a small project like this.
gb