Build a center hole maker on the cheap

I like this build.  The author uses the bearing from a old harddrive for the bit to go into, and attaches the bit to the tool with a magnet on the side.  What would have been really cool is if he re-used a magnet from the harddrive (and cheaper too).  I think this will go on my build list too.

http://www.instructables.com/id/Drill-Always-in-a-Center/