Yep, I've cut quite a few holes using flycutters. Including holes for additional instruments in completed panels in flying a/c.
The cautions are legit; be careful. But as strange as it may sound, there are situations where controlling one can be easier with a variable speed hand drill than in a drill press. You need to turn these slowly, and be able to disengage from the work instantly if the tool grabs the work. With a drill press, you can't stop the tool quickly, you're limited in how slow you can turn it, and if it 'grabs' the work, you can't disengage unless the work is held perfectly all around on the table. With a quality variable speed drill, you can run the tool so slowly that you watch the blade move around the circle it's cutting. If it grabs the work, simply release the trigger. You still need to secure the work, of course.
It takes a bit longer, but is actually more controllable; at least in my experience.
To the OP, do practice on scrap. If you need perfect holes, get some shaft stock the same diameter as the center drill. Drill the center hole in the work with a slightly smaller bit, so you get an interference fit on the shaft stock. Use the shaft stock to replace the drill bit in the cutter. This will give much tighter tolerances on the final hole (the flutes on the center drill bit tend to wallow out the guide hole as you cut, otherwise).
Charlie