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I've got a corded Dremel, but then also wanted a cordless. So I went to Walmart and got their red cordless one for $20. It's light duty. If you try to cut thick metal with cutting discs and it bogs down, it will shut itself off to protect itself from the either the increased electrical demand or overheating - I forget which. But it can cut through locks, sheet aluminum, a surprising amount as long as you have a light touch and patience.
So for serious fixes I get engrossed in, I have the corded.
I would start with a corded if you have nothing else. If money isn't an object, I've also heard that Foredom is good. There are aftermarket extensions for Dremel that give you a slimmer grip at the end that are supposedly a great upgrade.
Funny thing is, I rarely use my Dremel for actual firearm stuff, although I think I also got it originally for gun related things. I end up using Mother's Mag, sand paper, stones, hollow ground screwdrivers, punches, and paper towels way more.
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