+1 for KeithB's comments. Yep, ream if you want a real cylinder as your hole. The hole will
have one more lobe than the drill has flutes - since most holes are drilled by two flute drills,
they are actually rounded triangles.
When we needed to drill really good holes at work, we used gundrills with internal coolant delivery.
Single cutting edge, and they tend to cut far straighter and rounder holes, often good enough as is,
but if you want it really to a dimension and surface finish, you need to ream and lap. Just like barrels.
Bill