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What do you mean by "as good as"? What kind of Milwaukee do you have? If you have an 18v, then the 12v would not be as powerful. I have a couple of the 12v Ridgid's,and they are excellent drills. They are great for getting into small spaces, and they actually have good power for 12v.
I just bought the 12v Ridgid to reduce how often I have to carry around my full size cordless. It seems to have plenty of power. Not sure which Milwaukee your referring to. I'm surprised at the power of these for such tiny batteries.
I have one of the older 12v single speeds and one of the 2 speeds. They are great! I find that I use them almost exclusively as screwguns, particularly the single speed; it's a little slow for making holes in some cases. Great size to carry around and get into tighter areas. I think that these are best to complement a good 18v drill, though, instead of buying in place of one.
Is an eight ton logsplitter as good as a 34 ton logsplitter? I agree that the application is important, for some folks a 12 drill, driver is plenty and they don't want to deal with the extra weight of an 18volt tool. I say, lift weights, get strong and buy the strongest tools you can afford!You can go easy with a strong tool, but you can't go heavy with a weaker ones.
I think these drills are meant for trades that only use a drill for light work. Like a network tech, or Audio/Video tech that is only attaching cover plates, and doing light drilling. These would also come in handy for attaching cabinet hardware.
They are basically a copy of the Bosch "Pocket Driver". I have never used the Milwaukee version, but the Bosch is great. I work in a cabinet shop and drive a lot of screws on a daily basis......no matter how strong you are, that big drill gets old really quickly. You don't need a jackhammer to smash a housefly.
I use the original Pocket Driver for installing hardware and the Impactor version for driving wood screws.