Basically, I only intend to use this occasionally, rather rarely, if you will. Is thing any good for light occasional use or should I just suck-it-up and buy somethng with decent quality for 3 times the price.

-I would bite the bullet and buy the better tool. I bought a Skil cordless drill and regret it. Someone who posts to this website has a signature that says something like, "buy the best and only cry once" I believe it.

-I think you'll be ok with the Skil for what you have described. I have a few of their tools and they have held up through my moderate weekend usage. I had an old circular saw of thiers that I put through hell. I was pleased with how long it lasted.