On a more positive note, the reason braces are so common is that they are so very useful. In one form or another, they've been around for literally hundreds of years, long before the invention of the twist auger bit (invented in the late 1700s). There's one in an early Renaissance painting of Joseph at his carpenter's bench -- not accurate for Biblical times, but already common in the 1400s.
A wide variety of augers, drills, screwdriver tips, quill bits, spoon bits, taper bits, nose auger bits will fit in the chuck. I have auger bits as long as 24 inches, and extensions that will add another two feet -- you can drill a hole in the floor standing up.
There are things that other drilling tools just don't do as well. With a little clean up, you have a good tool that will serve you well.