Some of the better HF ones aren't too bad. # of speeds isn't as important as RPM. YOu want to be in the low 100's, like 120 or 140 rpm.
Honestly, the HF one I have almost never gets taken off that lowest speed. It has done fine for 7 or 8 years.
I will say this, though, I have a mill now, also, and that does my drilling these days. Haven't chucked a bit into the HF one for at least 2 years. The difference in runout and rigidity are night and day. The HF drill chatters a good bit. You never get nice spirals of metal when using the big twist bits. Same bits in the mill will make perfect spirals of razor thin steel. The chucks aren't very good on the HF one either, they like to loosen up.
But, that said, the HF works decent for a basic press.