I used this to cut holes for subwoofers in a subwoofer enclosure. It worked quite well, but it's not perfect. The results were somewhere between a jigsaw and a router. I drilled a pilot hole for the center pivot and also for the cutting attachment so I didn't have to insert it at an angle or anything. With MDF he could take off 3/8" of material at a time, but I had to increase the RPM on the dremel, which I don't usually like. The drill bit seemed to prefer cutting clockwise rather than counterclockwise (maybe I threw that away in the instructions , I don't know). The first pass took longer than the second. Make sure the circle you cut is supported separately, but at the same height as the main part you cut from, otherwise it will be am Start falling at the end of the cut and you'll be inaccurate. ) and grind some to even it out. If you really want to get a PERFECT circle, this probably won't do the trick, at least not for thicker materials or thicker/faster cuts. But a real cutter is incredibly expensive compared to one, especially if you already own a Dremel and just need to buy one If you don't use this every day, you have the wrong tool.
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