Cheap Vs expensive drill press - real world difference

[CHJ]

Just another question.

For drilling 18-25mm holes in 2 inch hardwood, how slow is the correct speed?

250 rpm, or slower if there are signs of burning, although the latter is more an indication that the drill is not sharp enough or binding in the hole.

Print yourself a copy of a chart such as this (google 'drilling speeds in wood')