I wouldn't get too excited about the three-jawed chuck.
I think this is a Dremel tool knockoff in which case the "chuck" is not really an adjustable chuck like on a drill but a collet which accepts fixed (in this case 1/8") shaft and is able to tighten down on them with a three-way split collet and a collar. It's not a true chuck which accepts a wide range of shaft sizes for drill bits and the like. A true chuck they usually specify the max opening.
I got a real similar 100 pc rotary tool set for about the same price last year at Sams Club. It comes in handy once in a blue moon, but was still worth it. The little cut off disc are great.
"Reality is merely an illusion, albeit a very persistent one." by Albert Einstein
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