A long, long time ago, when I started working with wood there was no such thing as the Forstner bit. If it existed, nobody had heard of it yet, at least not around here. In those days there were more limited options for boring. With the exception of some oddball tools you really only had 3 choices for wood boring. The hole saw, the auger bit, and the spade bit. They all worked, make no mistake, but they all had disadvantages in certain situations. My point is not to bad mouth perfectly good tools, so I am not going to list those disadvantages, I just want to talk about the Forstner bit.
I remember the first time I saw one; I was watching good old Norm Abram on the New Yankee Workshop. He pulled our his forstner bits and all the world went into slow motion. I was enthralled. I wanted some - and now. But, I couldn't find any. It would be years before I actually had a set. Yet, it was worth the wait.
Forstner bits are extraordinary tools. They cut beautiful holes and they do so with almost no point mark. It is possible to drill 90% of the way through a piece of wood and not mar the other side. These bits cut true, smooth, and quickly. They, are self guiding and square up nicely. Additionally, they come with a strong and hefty shaft.
If you haven't used a Forstner bit, what are you waiting for? They are awesome!