Hi, every one. I hate to start out here disagreeing with the site owner, but...
Rake, it sounds like you're saying that drill rod isn't machinable in the home shop. In fact it machines easily with HSS tooling. At least as well as common 1018, maybe a little better.
I keep a range of sizes on hand because it's so handy. It has a nice finish because it's ground to size (I believe within a half a thou, close enough for what we do). For guys that are lucky enough to have collets for work holding I think it would be invaluable. It is also pretty cheap, all things considered.
In the USA it comes in three foot lengths and in three different flavors. Water hardening, oil hardening and air hardening. Water hardening is the cheapest and what I keep in the largest range of sizes for general purpose use. The problem is that it is the most likely of the three to grow and warp when you try to harden it. I've even had pieces crack! This is why I keep oil hardening drill rod in 3/8 and 1/2 inch, the sizes that fit the collets of my mini-mill, and so the sizes I use to make custom cutters that need to be hardened. I have not had any problems quenching and tempering any of the (admittedly few) cutting tools I have made with it. Air hardening drill rod is the most expensive and is supposed to be the best at holding its shape and size when quenched. Buy only when needed for those properties.
Rick