Milliput is good for redrilling because it's quite hard. Greenstuff (not liquid, the 2 part) cures to be a more rubbery finish, making it harder to cut/sand/drill later. Though you can cut and drill greenstuff, because it's soft it tends to come off in chunks. Since milliput dries harder and more rigid, when you go to cut/drill/sand it, it shaves off more smoothly and predictably. I'm sure there's other putties that are similar to milliput, but of the ones I've used, it's the best for that. I have used some types of plumbers epoxies as well which can be gotten quite cheap from hardware stores, but I find they are either too rigid and brittle or too soft and floppy (like greenstuff). So milliput is what I recommend out of what I've tried.
Evertras wrote:It definitely doesn't need 10 minutes, but it's a very neat little trick. It basically adds grainy texture to a smooth surface, not as harshly as sand but still nice for a 'filthy' sort of look after painting.
Oh yeah, I've seen a friend use it for nurgle-ing vehicles. I've never understood why people make excessively long videos to explain something simple

"Liquid greenstuff is bad a gap filler, it shrinks, is difficult to manipulate to fully fill a gap and requires post work to clean it up. It is, however, good for applying to a surface to give it texture (show image)". See, doesn't need a 10 minute video. Sorry for the off topic rant, it's something that bugs me, people making long videos for something better communicated through text.
The only time I want to see videos in this context is when it's some procedure that you are demonstrating... or if it's a hot chick and I'm just watching it for the eye candy