I like the Bosch DareDevil bits, too.

But before anyone gets carried away with boring large holes through framing members, be sure to know the codes for where you can drill, where you can notch, and how large of a hole or notch you can make. There are many variables including the type of framing (stud, truss, rafter etc), the type of lumber (LVL or other engineered lumber, fir, pine etc), the code in your area and manufacturers specifications.

This will get you started:

[Link: buildingadvisor.com]

This could be one of the most expensive mistakes somebody could make!