I’m actually very strongly in favor of the keyless chuck, pretty much compulsive about them. I’ve always found keyed chucks felt flawed and clumsy, even as a child playing with my father’s drills in the basement before I even understood what they were for. Every keyed chuck drill I’ve ever owned, I converted to a Jacobs brand 1/2″ keyless chuck (I also have this major OCD thing against 3/8″ chucks). There’s two different non-metric industry standard spindle thread sizes that all drills use, chucks can be removed from all of drills I’ve had, and the Jacobs is available at Lowe’s in both threads in both 3/8″ and 1/2″.
Aside from all that nonsense preface, the point is that all my experience with various keyless chucks has been great. They tighten just fine by hand. I’ve had bit slippage a couple of times with keyless vs. many more times with keyed even though less than 10% of my total drill usage has been on keyed chucks. Based on my experience, keyless is better at holding a round drill bit than keyed. This includes drilling thru thin automotive sheet steel and 1/4″-3/8″ structural steel, hole saws in wood and sheet metal, Unibits, and up to 4″ wire wheel and cup brushes.
MDK22/Chevyman21: I know that a good corded drill is normally indispensable, but I have a Mac (Dewalt) 20v MAX 1/2″ cordless that is a total beast. It’s has all the trigger control and massive torque of the 6 amp corded Craftsman Pro drill I’ve sworn by for over a decade. I’ve drilled a lot of holes in 1/4″+ steel plates, and that Mac/DeWalt drill has truly bridged the gap between corded power/control and cordless convenience. That battery will do a full recharge in about 40m, and will provide more than enough juice to drill real metal (which takes forever) until the other battery recharges. For the usual minor drilling and moderate wire wheel used daily, each battery charge last at least a week. I’m not saying to throw out your sensible/affordable corded drills, just retrofit them with the awesome Jacobs chucks. I’ve only had this drill a couple years and I consider it a luxury tool, but I’m just putting it out here that the next level of cordless drills seem to have arrived.