These can work and will go through light tin, copper, etc. I use Frostner bits. scroll saw, coping saw and jig saw. Tin snips, there are blades for coping saws for cutting metal.
I have a drill press, and I use a rather cheap hole saw set I got from Harbor Freight for only four bucks. Seems to work great.
Forstner bits are a bit pricey in larger sizes, but they do cut nice, clean holes.
I would not recommend the typical spade-type woodworking bits for thin material; my first attempt to do so resulted in some really ragged holes.
Forstner bit is the first choice, next best would be a hole saw that you put in your drill(like the ones for putting locksets in doors), then maybe a dremel tool with a router attachment and a spiral cut bit. As Mark said, I wouldn't use a spade type hole boring bit because there is too much chance of tearing the box to bits or at the least you'll end up with an elongated, non-circular hole.
If you're using a hand drill, the hole saw is the best choice in my opinion. One like this:
To avoid tearout with a hole saw or a Forstner bit in wood, I like to drill a tiny pilot hole - 1/16 or 5/32 - where the center of the hole will be. Then I can line up the Forstner or hole saw to drill halfway through from one side, then halfway from the other. The hole edges end up clean on both sides.
When I get around to cutting holes in a cookie tin, I'll probably use a drill, tin snips, and files to clean it up. For a larger hole, you could drill a bunch of small holes outlining the larger shape, then snip between them, and clean up the rough edges. Or leave the rough edges if you like them.