Pros : I love the size, it's perfect size for the pinch bails.
Cons : I found that it takes a lot longer to drill a hole with this bit. I can only drill 3 or 4 before my bill gets too hot to use (I use a Dremel).
Other Thoughts : If I'm really in a pinch, I drill a small hole first with a 1mm bit and then finish it off with this. It is much faster that way.