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I've got at least 15 holes in 3/8th glass with my 2" bulkhead sized ebay cheapy. It still looks and cuts like it did when it was new.
Quality bit or cheapy bit, if you drill with it incorrectly its going to ruin the bit and possibiliy break the glass. The trick is to simply lift off the work every 5 seconds or so with large amounts of water flow to flush the cutting area. If the bit never gets hot and the pressure on the bit remains resonable, any bit will last for a very long time.
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