Hey it's Milwaukee! This will work very well. Don't worry about cheap Forstner bits unless you really like messing up your projects and running to the store for extra tools.
This Forstner bit is excellent. Only used a few times so can't say much about durability yet but from what I've seen it promises to last. It comes sharp out of the box and runs smoothly. For the price you can't go wrong with it.
In my opinion Milwaukee makes the best bits in the business - fantastic steel, well built shank and bit sharp. This Forstner bit has a problem. , but that's not the deciding factor: the center drill under the main cutting surface does a pretty crappy job of creating a pilot hole. Otherwise I am completely satisfied with the purchase.