I agree that a drill is an essential tool for DIYers, and I'm looking into finally picking one up instead of continuing to borrow. My concerns with cordless, though, are that they're heavy, spendy (especially if you're looking for a powerful tool), have to have their batteries charged so aren't necessarily always ready to go on the fly (I'm spontaneous!), and have to have their batteries replaced every few years (spendy again). I'm considering buying a cordless drill since everywhere I'd probably be drilling would have an outlet nearby. I'm looking forward to reading your info about the essential item so I can make a more educated choice.

A Bosch PS-40 Impact Driver would suit any apartment dweller, and the Makita BTD142HW 18v lith-ion Impact Driver is perfect if you're doing more adventurous projects. You'll never go back to a regular cordless drill.

The lithium ion impact drivers are like having a little 1.5 or 3lb pet monster. No problem drilling or driving screws or removing freekin' lug nuts or installing concrete anchors, etc. Plus, you don't have to press down so hard to hold a driver bit to a screw, and the power delivery is such that the tool isn't twisting out of your hand. Best $200 I ever spent.