A good High speed steel drill bit seems to cover most light gauge steel, composites and wood. Titanium however seems to disappate the heat better when drilling through harder materials keeping the drill bit cooler but once the titanium wears down what you have left is a high speed drill bit. drillbitwarehouse.com has a good M2 high speed steel base so the combination of the titanium and M2 high speed steel work great together.
M42 Cobalt Drill Bits seem to be a big step up when it comes to drilling harder materials like stainless steels, hardened alloy and hard thicker composites like, graphite, fiberglass or plastics.
I found a Set of M42 Gold Cobalt from http://www.drillbitwarehouse.com/ they carry a set from 1/2" up to 1" with a 1/2" shank that is fantastic for hard steels when using a drill bit over 1/2".
Premium Gold Cobalt Drill Bit Set.
Carbide Drill bits are the most expensive and the hardest of all drill bits. They will out last, out perform just about everything provided they are run at high speeds. They are very brittle and can brake very easily so using cutting fluids is very important.
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