Speedy most cutlery isn't premium SS. I got some that rusts or pits just being in water a few days. At least they still cleanup with steel wool.
Mowerfreak, As for being hard on drills bits depends the quality of your HS bits. A few years I brought a set HS drill from Lowe's that I couldn't even drill a single hole the angle iron that makes up bed rails without dulling them. So I went to my local Fastenal store pickup a couple premium HS bits for testing. With those I was able to drill nearly 20 one inch deep holes in cast iron before they dulled. Using a low speed drill helps too as I no longer burn the bits. If thing too much for HS bits you could always go to Carbide tip bits as I do when break off an extractor or trying to drill heat harden exhaust screws. Even though those Fastenal bit are 6X the price it well worth just not having to drive 60 miles just to get a handful of the cheap bits.
Now as Speedy does I re-sharpen my bits though I don't hand sharpen but I don't know if Speedy does but it can be done just as accurate as machine sharpen ones. I use a Drill Doctor bit sharper that has a diamond wheel.So nice not need to buy multiple bits or make a run to the store just because I dulled a bit. I do have few that I going to need to replace now but that is because they are getting too short.
