In Soviet Russia Square Holes Drill You. Introducing the Triskelion Bit.
 

Pretty nifty marriage of Trigonometry, Geometry, Too Much Time On Your Hands, and Flash Animation.

WTF are the Ruskies claiming they invented that? That's a Watts drill, I saw one 40 years ago, and it was over 5o years old then.

No, it's just all written in Russian. But I'm sure the Russians would claim ownership.

I have a square hole drilling rig too. Not like that though. Mine has a square, hollow chisel with a pilot bit inside to pull it through the wood. The chisels cut the square hole. It requires precision so a drill press is mandatory. But awesome when you need to drill a square hole. Mind the chisel edges though. They are wicked sharp.

And that mortise drill is only good for soft stuff.

When they work. I've seen dozens of them sitting around unused or broken because they are a great idea but too fiddly. A horizontal boring machine and a chisel are faster.

F3 is right. I rarely used mine because you had to get it juuuust right or else. And yes, it didn't fare well in hard woods.