Yes, I have used those power auger bits with and without threads.
I have a set of Fostner bits and like you said they have their uses. I didn't get into hand powered bits until I learned to make Windsor chairs. Hand brace and spoon bit works best making this chair. In Windsors spindles will have rake and splay. You start your spoon bit vertical until the hole is established and then move it to match the splay and rake you want.
I just acquired a set of Multi-Angled Drill Bits. Watch the video if you aren't familiar with them.
http://www.youtube.com/watch?v=ufUCNBTJ2BQ
As you can see, you can change splay and rake and might have some application for chair building. However the brace gives nice feedback when drilling finer parts. Trade offs.
Bottom line: I have both and have enjoyed finding and collecting some of the old braces and bits that go with them. I have a complete set of Irwin Augers in their original wooden box (1950's vintage) and they are a joy to use. They are fast too - the screw point really pulls you through the wood.
19th C. Center bits restored
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WmZiggy
williamz@aol.com
"... and it was after long searching that I found the carpenter's chest, which was indeed a very useful prize to me, and much more valuable than a ship loading of gold." Daniel Defoe, Robinson Crusoe, 1719
williamz@aol.com
"... and it was after long searching that I found the carpenter's chest, which was indeed a very useful prize to me, and much more valuable than a ship loading of gold." Daniel Defoe, Robinson Crusoe, 1719