Last time this came up I uploaded a picture of my 35mm hinge cutter. The attack angle of the cutting edge is very steep, pretty much 90deg on mine, implying (to me, anyway) that it's intended to run a lot faster (RPM), The backs of the cutting edges are relieved, giving a 'bevel' angle of about 70deg (at a guess). There is also no cutting edge round the circumference.
In a drill press you'd have more control over depth, as you'd need more pressure to make it cut (it wouldn't dig in). Mine is HSS and blunts fast. It's a little easier to hone than a Forstner. The thing about the body depth matching a Blum hinge might be right - it's a bit shallower than a Forstner overall and looks about right, but it's midnight and there's no way I'm going for a hinge at this time of the morning (the actual cutter lives in my box of Forstners, and the box happened to be beside the PC).
I've never done a comparison, but I haven't really used it since I got the Forstners, which might mean something... or then again...
E.