Over the years, I have collected large and small sets of those little bits, like Phillips screwdriver bits. I have stuck them in my 3/8" drill when I needed them. I have also used my little 1/4" S-K ratchet with a 1/4" socket to hold these bits, but had to be careful about gravity always trying to pull the bit of the socket. Yesterday, while walking around looking for a significant-enough wrench to buy, I picked up a miraculous tool that solved this long term problem with gravity. This tool retains any steel bit inserted in it, by using a permanent magnet installed at the bottom of a 1/4" hex-shaped shaft that is 1/2" deep. Who knew? How long has this marvel existed?
I hate to tell you this, but you can also get magnetic inserts for your drill that will hold the bits. The best one is made by either DeWalt or Makita (can't remember), and has a spring-loaded collar that also helps to retain the bit.
There have been several Craftsman versions of this tool. Some with bit holders in the end of the handle. I think the one I use daily in my bags is Milwaukee branded. As bill has stated, they are also on the market for cordless screwdrivers. I believe the last Dewalt kit I bought was labeled "Rapid Load".
I have a Snap-On I bought new in the 60's. Stores the bits in the handle
I remember those being around for as long as I can remember.
I got tons of those things below in all different sizes. Most of mine are by millwakee. There great for most things. I also got a ratcheting magnetic screwdriver by snap on.
http://www.milwaukeetool.com/accessories/Fastening#product+types=Bit+holders+and+extensions
Those little inserts started with electric sheetrock drivers, which,oddly, had a magnetic tip to hold them in....;P
One strange thing I have learned over the years, the bigger magnet always wins, using a magnetic tip to put the screws into alarm contact magnets gets interesting....