Hafta disagree with Calum as to the action of brad point drills.
Correctly ground they cut from the outside edge inwards. The actual cutting edge should be slightly concave. Good quality commercial ones have a very shallow lip on the circumference projecting slightly forwards of the cutting edge.
As the brad point stabilises the centre the cutting forces on flat material will be balanced at the outside diameter of the drill so there should be no net deflection forces. Unlike a conventional drill where the cutting edges are offset from the centre creating a net deflection force. The deflection force remains even when the cutting edges of a conventional drill are fully engaged but generally they are overwhelmed by the stabilising effects of cully engaged cutting edges and, on deeper drillings the hole walls. If the deflecting forces are not fully overcome the drill wanders.
As with a conventional chisel point a brad point doesn't properly cut. Its more ore less forced into the material. Hence the general restriction to softer materials. The concave shape of the cutting edge means a brad point drill is much worse than a conical point at clearing the extruded material produced when the point is forced into the material being drilled. Another reason for the restriction to soft or thin materials. Generally if the material is thicker than the brad point lenght things start getting iffy on more resistant materails.
Clive