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PORTER-CABLE Forstner Bit Set, 14-Piece (PC1014)?
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5 reviews of this product found across Reddit:
$15 for a single bit, and it has some pretty bad reviews about getting dull quick. Hell, the Amazon ad for the bit shows you how to sharpen the bit.
Sounds like you might be looking for a bit for a specific project. But if you do much DIY at all I'd recommend just picking up a set. Forster bits are damn useful. I got the Porter Cable set about 4 years ago and they're still going strong.
Look into a set of forstner bits as well. You could still go the hand tool rout but could reach your depth and hog out a lot of material at once for your square recessed area and creating a spot for candles, change, etc could be done literally in seconds.
I have 2 sets of Grizzly straight router bits, one 1/2" shank and one 1/4" shank. I've been very happy with them. They're pretty much only used for dados and rabbets. As for forstner bits, I have this set from Porter Cable that I love.
I bought a set of Porter Cable forstner bits at Home despot a couple of years ago for like $60. They came in a nice wood case with a clear window on the front. They've worked great for me. There are 14 in the set.
It doesn't look like they carry them anymore, but Amazon has them, and they have great reviews: http://www.amazon.com/PORTER-CABLE-PC1014-Forstner-Bit-14-Piece/dp/B004TSZEB4/ref=sr_1_fkmr0_1?ie=UTF8&qid=1401075613&sr=8-1-fkmr0&keywords=milwaukee+forstner+bit+set
I have a set of Porter Cable forstner bits - they work just fine. https://smile.amazon.com/PORTER-CABLE-PC1014-Forstner-Bit-14-Piece/dp/B004TSZEB4/
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