Here's what I'd suggest:
If you want a quality drill and don't want to spend a lot of money, buy a corded drill. You can get one for $60-80. It'll spin faster and have more torque than any cordless drill you can buy. And it will probably last forever. In addition, you might be able to afford one with a 1/2" chuck which is a requirement for some larger bits (hole saws, forstner, etc).
If you're going to buy a cordless drill, but one with a well-known name brand: Bosch, Makita, Milwaukee, DeWalt or something like that. Rigid, the Home Depot hose brand, seems to be getting better. And, last I checked, their warranty included lifetime replacement on batteries!
If you have to have a cheap cordless drill... I'd probably buy Ryobi before Skil or Black & Decker. Quality is probably about the same, but Ryobi will cost less. And returns are easy if you end up with one of the inevitable lemons.
Lithium Ion batteries are great! I love the fact that the battery will maintain it's charge for months just sitting on the shelf. That said, a NiCAD or NiMH battery with a 15-minute charger gives you almost the same effect and will cost $50-80 less.
Finally, consider how much power you really need. My most used drills are 12V. My most used driver is the little 10.8V Bosch PS20. Anything that needs more torque than these drills provide gets done by hand or with a cordless impact driver.