I use the drill press for a multitude of purposes. From the obvious, drilling holes, to milling. I have used it for drum sanding, polshing, grinding, drilling mortise holes, even as a lathe (not recommended). The drill press is located at the edge of a work bench, but if needed, I move it as required.
I must clarify something, I am in the process of setting up my own shop and the one I used belonged to my late father. It is a full height Craftsman 1/2" chuck model.
I intend to purchase a drill press soon, and I have seen one specifically designed for woodworking. This particular model alows for table tilting to accommodate multiple angle drilling. This is a similar concept to the compound miter saw. I can probably get you some more information on the model, if you are interested.
Hope this helps.
Mark
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