PSI Woodworking Products TM32 1/2-Inch Diameter Drill Chuck with a 2 MT Mount
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One of the first lessons I learned with my new hobby is that I hate hollowing out a bowl. That is partly because I'm not very good at it, and mostly because I am impatient. That is where this tool comes in. You put this in the tailstock and insert a forstner bit into it. The chuck holds really well; I didn't need to re-tighten it at any point. This tool saved me hours of tedious hollowing. Ok, maybe not hours, but I don't get as much time in the shop as I'd like, so this saves me some serious time.
I felt the value for this piece was very good. It's well put together, and it holds all of my forstner bits. I would suggest this to be one of the first accessories to buy for your new hobby.
My lathe has a morse taper (MT) #2 on it, so this configuration works for me - you need to make sure of your taper before you buy one of these.