nothing "cheesy" about an annular cutter, its a purpose designed tool. I dont like having to modify a drill bit to "make it work" for a job it wasnt intended for. The annular cutter only removes a ring of steel so it cuts faster and cleaner. Its like a hole saw as opposed to a drill. The way your dill bit tip is cut makes it much more likely to "wander" than the annular cutters.

By all means use what you like, but I've found that the cutters work 100x better for me