I've had no problems getting results easily decent enough for that kind of grommet with a cheap holesaw set simply by drilling part-way through from one side, as close to half-way as possible, then finishing the hole from the other side. The mess nearly always comes when the cutter pushes through the far side of the material, so if you avoid doing that, it's generally fine.
That said, I've never cut anything so wide as 100mm - generally 50-60mm has been good enough. It's wide enough to get a plug through, that's usually the important thing!
(And that said, the MDF-and-bearing-guided-router approach is probably a nicer answer in the long run!)