Here is an article on cordless drills:
Cordless Drills
Note: If you're on a tight budget, consider a corded (plug-in) drill. You can get a high quality corded drill for less money. It will be lighter and have more torque (power). And, the battery will never need charging just at the critical moment. If you don't use a drill regularly the battery is likely to need charging when you go to use it. Cordless drills are convenient but, they're more expensive and heavier with less performance.
Another problem with cordless drills is the batteries usually only last 2-4 years, even if you don't use them. Rechargeable batteries go bad just sitting on your shelf. Replacement batteries are amazingly expensive. I see cordless drills including a charger and two batteries on sale for only slightly more than the cost of two batteries. So, you probably want to think of a cordless drill as disposable, and expect to replace it every 3-4 years.
Normally you should expect to pay $60-$100 for a good corded drill. A couple of years ago Makita's model 6408K at $70 was rated high, and (surprisingly) Sears' model 10105 at $40 got a good rating.
Revised April 2004
Tip: My experiences with Black & Decker power tools have been bad generally and their drill ratings regularly bear this out. The same company owns both DeWalt and Black & Decker but, the quality of the two brands is very different.
Exact models are important. The same brand may have both
good and bad models in the same voltage range.
That nationally famous consumer products rating magazine has rated cordless drills again.
If you want a drill that can handle larger jobs as well as routine ones, your best bet for the money is probably the 18 volt Skil 2884-04 at $120 & 4.2 pounds Or, maybe the 18 volt Ryobi SA1802 at $120 & 5.3#, but the Skil is lighter and handles better. If you have big projects in mind and want the top power with greater run time per charge and are willing to pay the price and weight penalty for it you probably want the top rated 18 volt (actually 19.2v) Panasonic EY6450GQKW at $250 & 6.2# or maybe the second place DeWalt DW987K-2 at $270 & 6.0#.
The best 14 volter (actually 15.6v) is the Panasonic EY6432GQKW at $200 & 4.8#. The rest don't seem to be worth considering -- other drills listed here are lighter cheaper and more powerful.
There are now super drills at 24v that can match corded drill for torque/power. The very heavy and expensive Bosch at $330 and 6 1/5 pounds out performed all other drills.
The worst in each category are:
18 v -- Grizzly and Chicago Electric
14 v -- Black & Decker and Grizzly
12 v -- Black & Decker and Skill 2467-02 & 2468-02
9 v -- Black & Decker and Ryobi
That famous rating magazine now says drills lower than 14 volts aren't worth buying. They now call the 14 and 18 volt drills "light." We used to agree when they thought drills weighing 4-5# and more were heavy for all around use. My test was to hold the drill as though you were using it just above eye level and see how long you could hold it there. (Be sure it's with the battery -- display models often aren't.) 5+ pounds may not seem like much until you try this. It's true when you look at price vs performance the recommended (but heavier) 18 volters give you the most grrrrr for your money. But, the whole point of cordless drills is convenience. Adding 2 pounds to a 3+ pound drill is a lot. If it becomes so heavy it's awkward or tiring to use is it still convenient?
A reasonable compromise for general purpose use might be the 12 volt Makita 6227DWE at $130 & 3.4 pounds It's a lower weight drill with a lot of torque for it's weight. Or, maybe the 14 volt Skil 2884-04 at $70 & 3.9#. The Makita would be my choice. It has less weight and better balance. But, the Skil has a little more power/torque and costs almost half as much.
If you look at even cheaper/lighter drills, it's my opinion an important feature is dual speeds -- one for drilling and one for driving screws. Most (none?) of the low end drills don't have two speeds. The higher speeds suitable for drilling are too fast for convenient screw driving. You'll probably find one of the primary uses for your cordless drill is driving screws -- they're often called drill-drivers. I've never seen a single-speed cordless drill geared slow for screw driving, but if there is one I'd probably give it a try -- the drilling may be slow, but it will work. Driving screws at high speeds is a problem.
Just My Opinion
Unless you're going to be doing major, heavy duty projects, or you don't intend to use your drill for routine projects around the house I say get a lighter drill.
I think a good combination for the weekend putterer is to get a light drill like the Makita or Skil mentioned above for routine stuff, and apply any money saved toward a good corded drill for meatier jobs.
The ladies may want to consider this too. Please don't get on me for being a chauvinist -- finding my heavier drill a little harder to wield these days, this old man got one of these lighter drills, and I'm using it almost exclusively. I have to get out my corded drill now-and-then, but I had to do that about as often with my heavier cordless.