Drill bit sharpening
 

I recently bought a Drill Doctor 750X when Sears had them on sale. I was a little skeptical, but it produced perfect drill points, even from the first one I tried. They claim it will sharpen as small as 3/32" (.093"), but I even sharpened one that was .077". It also splits the points on any bit you can sharpen with it. I pulled out my junk drill bit drawer and sharpened every bit that needed it, and the points look better than most of the factory new drills I have purchased. I know most of you guys just buy new drills, and that is probably the more cost effective approach. It is nice to be able to re-use some of these old drills again, though.
Here's a pic of one with split point.

mixed reviews on Drill Doctor
 

I can't get my Drill Doctor to sharpen #40 bits at all. They just come out dull. It works great on all of the bigger bits.

I'm with Ron. I use my drill doctor all the time. Working with a lot of steel parts causes me to snap and dull drills a lot. They always come out perfect. If you get the nice model you can do 135 degrees and split points, as Ron says.