Dremel rotary tool spins at much higher speeds than a drill and uses drills and bits up to a 1/8" shaft. One of the common items is a cuttoff wheel. The shaft has a screw top with which you mount a 1" abraisive disk. This can be used to cut through metal and other materials. There is a large assortment of bits, drills and burs that you can use with the dremel for cutting, drilling, shaping and sanding. There's also a selection of attachements such as a mini drill press attachement, a mini router table, A flex shaft and others.
I consider it a basic, must have tool. I have two, a lithium cordless, and a corded one with the flexshaft attachment.

Scott