While it's fairly easy to drill most holes in metal using nothing more than a handheld drill, you'll almost always get greater accuracy and better results using a drill press. Most drill presses are actually built with metalworking in mind. Pulling down on the handle causes the bit to plunge straight down into a workpiece and make a very precise hole.
Drill presses also come with beefy cast-iron tables with tilt and height adjustments, and allow a variety of clamping options. Speed changes are as easy as opening the lid and moving a rubber belt from one pulley to another. The most expensive drill presses are floor-standing models, but you can buy a decent benchtop unit for about $100.
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