In the siege list I would say it is actually pretty good. It can deliver troops to objectives throughout the table in multitude. Too bad the rest of that list is pretty disappointing. With liberal use of allies and stronghold assault you can make this list very good though.
In the IG codex where it makes the vets an elite choice it is approximately equivalent to suicide storm troopers. It can average about the same damage against vehicles and if it misses it gets even more options to damage. It is perhaps mediocre. Not useless by any means but not particularly good or great compared to what else you could get with the points. Great model though and I would never get rid of my drills.
I would always go either full melta or full plasma. These options are better geared to what you want the drill to hit if it hits something; vehicles, TEQ, and perhaps small MEQ squads. If you target on or near a horde there is a very good chance the drill will not be able to kill enough space around it to emerge and you will loose the vets. Therefore flamers are an option but they don't always sync up well with the drill.
Demolition charges are expensive for a relatively high risk weapon. Putting it in a drill is multiplying the risk factor even more. If you are one of those lucky individuals then perhaps but if you are a normal luck or bad luck type then you will definitely regret it, and often.
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