The video on YT came up today as a suggestion. Clearly I watch too many machining and tool videos.... 
Quick Tip: ER11 collet chuck for drilling holes in tight spots - YouTube
Anyway it answers a couple of options. First is that it can be used as the extension shown in the video. Second is that with the right set of collets it would permit holding very small drill bits that don't normally fit into some regular size chucks. I'll have to go do some "shopping" to see what options are out there but for the low cost of an ER11 chuck on a longer shank I can see this being a worthy option.
In fact it might answer THREE situations. If I were to get a metric R8 collet to hold the shank I'd be able to also use it as an adapter for very small end mills. My present R8 set only goes down to 1/4".

Quick Tip: ER11 collet chuck for drilling holes in tight spots - YouTube
Anyway it answers a couple of options. First is that it can be used as the extension shown in the video. Second is that with the right set of collets it would permit holding very small drill bits that don't normally fit into some regular size chucks. I'll have to go do some "shopping" to see what options are out there but for the low cost of an ER11 chuck on a longer shank I can see this being a worthy option.
In fact it might answer THREE situations. If I were to get a metric R8 collet to hold the shank I'd be able to also use it as an adapter for very small end mills. My present R8 set only goes down to 1/4".
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