I had a similar one without the laser a couple of years ago, the speed is controlled by two half pulley wheels, the distance between these 2 is (mechanically) controlled by the lever on the left.
The drilled worked fine, the run-out on the quill is like you would expect on a drill like this, kinf of okayish...
My biggest problem with this drill was that it would go through a V-belt pretty quick, as in a couple of weeks. In my opinion the variable speed control is more of a gadget than anything else and not very accurate either.
I would spend my money on something else, I'd get myself a Meddings!