Yup - the Model 100 is either on or off. Model 200 (which I inadvertently bought today) has a low and high speed. Model 300 has about six variable speeds, but mine is not making a distinction between the speeds anymore, which was why I was in the market for a new one.

In order to ensure accuracy, I have to start any drilling with low speed. One job I'm currently trying to get done will require drilling into black anodized chainrings - in that case, I need low speed through every step of the process.

DD