The tile bit, by RotoZip, on a Dremmel (using a universal chuck) is the greatest hole cutting tool I've ever used, on glass. I can zip out 1.5" holes in under 3 min.
I had a thread up, quite a while ago, giving a step by step, very detailed picture thread to show how to go about doing this. The pics have since been removed from my PhotoBucket, but I'd gladly try to find them and repost, if anyone is interested.