The right bit for the right hole can make all the difference in getting the job done well.
The first photo shows a power auger. You can't see in the photo but this particular drill is 18 inches long. The key to it working well is that screw head that actually pulls it into the wood for you. Don't use this kind of a bit if you want to stop at a particular depth.
When you need a clean cut hole with no splinters on the top; use the brad point bit shown in the second photo. The point touches the wood first to establish the centre guide point, then the two outside cutters cut the grain of the wood in a circle, then the bit itself lifts out the wood. The scribed circle acts as a splinter stop. If you want to cut cleanly through the back side, hold the wood down firmly on a piece of scrap that will not allow splinters to be pushed off before the brads have a chance to slice the clean circle right through your piece of wood.
In the third photo you see on the right an adjustable power bore with the screw drive. On the left is a special bit that has a very short point and sides designed to guide it smoothly into the hole, leaving a flat bottom and little chance to punch through the other side. This Forstner bit is commonly used for installing those European hidden hinges and other socket hardware where you often want to drill only halfway through a panel.