CWpowell said it. its all about time and money... and well how stuburn you are (how many holes are you going to punch) I say to myself im going to punch only 2 or 3 a spot.. but on some lakes like kawarthas you will punch a hole to find out its all weeds.. or no weeds then you go on to try a new hole and a new one after that and so on.. it can get tiring (thats where you would want a power auger)
personally I use a 6'' or 8'' hand auger and well it does the job. the thing to keep in mind tho is you have to constantly sharpen the blades or else you'll be sore!
also different sized holes/blades for different species..
if your going to just go for pan fish.. 4-6''.. walleye 6''.. walleye/pike/lakers/whities.. 6-8-10''