I think the main advantage is that it's a hand tool. Most of the holes I was cleaning up fit #4 or M3 screws, so depending on the size of your stepped drill bit, the above method might now work as good as a dedicated tool. Also, in the case of tapping a heat sink with a blind hole, I think that the bevel might not be ideal, as it would create a gap. Also, one of the heads I have cut cleanly through that nasty vinyl clad steel that the stepper just totally obliterated. Noga also has a tool for cleaning up threads that looks useful as well. In my (limited until now experience), I'd say yes it works better than a stepped drill bit, especially if you have to turn the piece over and use the stepper on both sides. I think we need to put one in the hands of an expert to really tell