Ryan,
I wouldn't attempt to tell you which brand you should buy... there are many good ones out there. However, I would tell you that it is important to check the amount of vertical travel of the quill. Some drill presses (usually tabletop models) only have about 2" of travel. Obviously if you are drilling blanks that are 2-1/8" or longer, that is not going to do the job! (Oh yeah... DON'T ASK ME HOW I LEARNED THAT!!!)    With the budget you mentioned, I think you can get a really nice drill press... and perhaps have enough leftover for a good turning tool or two.

I got this Multimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to or a couple of years ago and love it, ideal for pen's and other projects.

I don't know what other things you need to bore through other than pens, so here goes. You have a choice of tabletop or floor standing. If you choose a TT model, thay are fine for pen blanks and usually less expensive. although, as mentioned earlier, the quill travey may be an issue.
If you choose a FM, you are not limited by the machine, but these can get out of your stated price range quickly.
These are suggestions only. I don't own either of these machines.
Tabletop model
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Decent price, should be good for pens or anythig else.

Floor model
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No limits, lots of features, good warrenty

Good luck

'Not sure if it will help, but here's a review of the Delta (~$580), Jet (~$510) and Powermatic (~$1,000). 

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wow thanks everyone for the many responses!

You know Larry now that you mentioned the special drill chuck, it brings back to my memory the fact that I wanted to get one of those quite some time ago but I completely forgot about them.

Would you happen to be able to recommend a good place to acquire a drill chuck? I can't really see getting a drill press right now when all I think I would be using it for would be boring the holes for pens or bottle stoppers or maybe even the special spinning tipped tops when I could save some money and spend that on turning blanks 

Thanks again everyone for the great insight on the drill presses. Once I can figure out what else I could use a drill press for that I couldn't just do on my lathe then I'll put more thought into getting one   

A drill chuck has two parts, the chuck and the arbor, which can be purchased separately.  Aside from the Morse taper that goes in the quill, there is usually a Jacobs taper that holds the chuck to the arbor.  If you think you might ever use the Jacobs to hold small work in the headstock spindle, you need to pay attention to two things: the arbor should be threaded for a drawbar to hold it securely in the spindle under power, and you should get a chuck that threads to the arbor (or is made as one  integral piece).  Look at the alternatives Multimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to or and Multimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to or .

I know it is counter to the advice usually given here, but several years ago I got a Harbor Freight drill press.  It is a table top model that I built a stand for.  I was surprised that of the models they sell, this one has the longest quil travel.  Does the job for me.