Not to mention that the bits are cheap as well; you can frequently use the "cut off wheels", which are a carbon fiber disk. They cut through damn near anything, and $4.00-US will get you 10 of them.
Add a buffing file attachment for $2 to smooth the edges, and you're off.
Problem is, Dremels have a reputation for burning out...either the batteries (for the cordless models), or the motors themselves. I'm looking at either the Black&Decker or Craftsman alternatives; they're supposed to be heavier-duty than the Dremel brand, and the bits are interchangeable.