Got a similar thing from E2046 recently. It's actually marketed there as a battery powered grinding tool and comes with a small assortment of bits. I found that some of the bits from my other Dremel will fit, which REALLY expands it's capabilities. Plus it's slow enough that it can run without a speed control and won't melt the plastic. The one I got was closer to $6 not including shipping, but It's probably a cheap knockoff of the one you got.