Here's a video of me goofing around with just a simple auger to drill attachment. $5 from Canadian Tire.
https://www.youtube.com/watch?v=ds9-ZB-xwQA
If you get a really good drill like the Milwaukee and use a better auger of the Swedish/Finnish design, and a 6 inch bore, you'll get a ton of holes out of a single battery and they can be drilled fast.
My Eskimo auger bit was 8 inch and isn't the most efficient design. And my drill isn't the best either, but it sure beats doing it by hand.
It's a little more useful in the early and late season when the ice is thinner and you can quickly pop a hole in 30 seconds or less. You'll see in the vid that this took me about a minute to drill. One of the major problems is simply with the drill "sticking" when it cuts a bit too much ice at once. A better drill or smaller auger would probably remedy this.
Also, make sure your connection between auger and drill is tight. I've heard of many people losing augers to the water right after drilling a hole when they get loose.