I'm a real proponent of using an electric driver with bits. Makes wrenching so much easier and faster. If you get a driver with a clutch, is also less likely to strip out threads or screw heads.
I used to have a cheap lithium driver, but it couldn't hack 1/5th scale stuff and I burned through two of them. Then my wife got me a dewalt 7.2v driver (wish it was lithium) and it works great.
I've used OFNA bits and Hudy bits. Don't waste your money on either of those. The OFNA ones actually lasted longer than the hudy ones, but they weren't true/straight and they didn't fit the allen screws very tight.
I think it was last Christmas when my wife got me my MIP bits. I've done quite a bit of wrenching with them over the past year and every one of them is still sharp edged and looks like new. I flipped a coin on trying EDS or MIP. So far, very happy with my choice.
I have a really old set of losi hand wrenches. They have really withstood the test of time. Have had them for nearly 10 years. I have ground the tips a bit on my 2 and 2.5 bits to cut them down to the area on the bit where there were sharp again. 10 years is along time!
Tools are some of the things I find what I want and if I don't need them, I give my wife links to get them for Christmas/birthdays or something. Makes her feel better when she knows she's getting me stuff I'd like, but may not buy for myself due to cost.
http://www.amainhobbies.com/advanced_search_result.php?keywords=mip+speed&x=0&y=0
$14 per bit, but considering how well they are holding up, I'd think nothing of spending the money again on them. Also considering all my stuff is metric, 4 of them gets 98% of my stuff done. If they made a phillips and standard bit, I'd have those for this Christmas! lol