I'm a little late to the discussion, but thought I'd contribute since no one has mentioned the option that I prefer. I've always found the Dremel (or similar-type) tool a valuable addition to my tool collection. I had one of the original Dremel kits someone else mentioned. It was a gift from my father when I was about 14 or 15 years old. I was an avid hobbyist, into model kits, slot cars, gas powered scale cars and planes, etc. I had that tool seemingly forever, wearing out numerous sets of the carbon brushes, until it finally just wore out completely. I replaced it with a corded, variable-speed model (and agree with the recommendations against cordless models). I added a flex-shaft, a three foot long flexible shaft attachment with a pencil-like handle and chuck. This enhances functionality and usability, since I don't have to hold the tool itself, just the pencil-like handle with whatever attachment I'm using. I mounted a hook under the lip of my work bench, and hang the tool (now just the motor really) by the loop that's on the butt of the motor. Much easier and more convenient to use this way.
BYW, I almost never buy Dremel-brand attachments, especially the "disposable" ones like brass and steel wire brushes and cut-off discs. You can find much cheaper options at numerous on-line suppliers. You'll have to search yourself, since I seem to have lost the name/link of the last place I used, when I stocked-up on about 30 various styles of wire brushes (that wear our easily, if you really use them a lot).
Lovettsville, Virginia USA