electronicsgoldmine.com has steel ones for 60 cents as well (clearance when I picked them up as well, it was like 15-20 bits in a little metal case).
They flex but they work fine. With my bad eyes, I like the flex a little and I can choke up on the bit if I want to get rid of it, I have a far amount out of the chuck.
I have a steel one on there now. I save the good ones, but the cheap ones work fine, then bad I pitch them. Maybe I will send them to chemelec, but the price of a stamp will not make it worth it by the time I have enough to mail him. Chemelec is right, steels ones do work fine as well.
Not sure I could sharpen one though, they are small.