It's the Fuller stepped drill bit with a counter sink and stop collar. I got them a while back and only tried them out tonight, making a shooting board for planing.
They make life wonderfully easy, and the people at fuller were just plain helpful.
You can set the position of the counter sink and of the stop collar. Drill bits come with different length steps for different length screws.
Hey, if anyone from glen l is reading this, you might consider stocking the appropriate sized for your most popular boats.
http://davesboat.blogspot.com/2006/12/f ... -bits.html
What kind, options, etc.
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