Larry, I have HF bits and use them quite often. However, they simply don't do as well on harder, thicker steel. Rather than using them up in one or two holes, I opt for a higher quality bit usually. But, yah, for the price, they are all you need for a lot of applications.
I actually have dozens of used up bits laying around. I have a hard time throwing them out when they get worn out. I guess I should buy myself one of those bit sharpeners.
I worked in a machine shop when I was in my twenties. There was a guy there that could take those real high quality bits to a grinder and have them cutting like new in 30 seconds. I saw several others try but fail, but this one guy had some kind of an eye for being able to cut them at just the right angle and evenly on both sides.