Dremels can have low torque, but high rpm, which makes it good for detail work. This won't replace a good drill press, but you can get by using it for small diameter bits on softer material. If you need to do fine work, get the flex shaft attachment. It'll reduce torque but give you a lot better control.
Then again, I'm an engineer so I like my tools. I think you'd be better off with the cheapest name brand corded Dremel and a separate table top still press.