I have a Dremel with a flex-shaft and use it for LOTS of metal applications. Not only can you drill tiny holes (Dremel has a neat set of mini-drill bits, I got mine at Lowe's) but you can also use it for grinding down rough edges and all stages of polishing small items. A bench grinder/polisher is wonderful for getting things done quick, but almost everything can be done with a Dremel as well. It's outstanding for fine work.
-- KarenK Desert Dreamer Designs