I once had a cheap drill stand much like the one linked from the opening post. In my opinion they are a waste of money. The pillar itself is not very robust, so there is a lot of flexing as you apply pressure with the arm. There is slop in the slide mechanism, so hole doesn't end up where you expect it to be. And like Rossydd says, they are noisy & awkward.
Even a cheap pillar drill will be WAY better. My pillar drill comes from Lidl - cost about £50 as I recall a few years ago - and it was a revelation : quiet (induction motor), powerful (500W), easty to use, and quite accurate enough for woodworking use.