This is true, if you take the little cup you put laundry detergent in, fill it with water to make a soap solution, and dip fostner bits in it before you drill wood, it drills much much better
Dip before each hole, this is how I made my wooden trays for coaxial connectors of various kinds with more speed, less heat and no smoke
But you do need to wash it off and oil it when you are done. It might be the same for plastic and I bet it even might work on metal instead of oil. The main problem is that its too runny for metal. I wonder if you put some thickener in there if it would beat out oil, because its thermal conductivity and capactiy is much greater, and it might be just as slick