I can think of lots of uses for this thing http://www.ohgizmo.com/2009/10/07/square-holes-drilled-with-a-watts-drill-blows-my-mind/
I was a machinist when I met Rick 25 years ago, did mostly CNC and a few conventional machines ( laths, mills,,ect). Now he does all the machining around here. He has a Bridgeport mill & a Axelson lath.... So they(cutters) have been around awhile.