Having gone through SEVERAL leather punches in the last few weeks, I have finally found something that will get the job done. This is without a doubt the most powerful and easiest to use punch I have ever encountered. It's also built like a tank.
I've only punched leather with it, but it goes through leather like a hot knife through butter. It does not make as clean a hole as a hollow tube punch, but it is so much easier to make a hole, one can kinda overlook the little bit of roughness on the leather. The only other hassle is changing bits and dies. It just takes more time, but unless you're in a real rush, it's still worth every second it takes to make the changes. It has a depth stop that makes it really convenient for punching successive holes, as in sewing leather. The item is made in Taiwan, but I would still highly recommend it to anyone who wants a REAL punch that requires little effort to use. And last, but not least, is the ridiculously low price of the item. Seems it should cost 2 or 3 times as much.