Hi Birch,
I have the K3 system, havent' used it yet. From what I've heard and read, it's wise to get extra bits. IMHO, Kreg makes an excellent quality tool(s). I believe Bj and Corey have the K2. I'm sure they'll pop in soon. 
__________________
Ken
"A VETERAN"
"Whether active duty, retired, national guard or reserve - is someone who, at one point in their life, wrote a blank check made payable to "The United States of America", for an amount of "up to and including my life". That is HONOR, and there are way too many people in this country who no longer understand it." -Author Unknown
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