Plastic screw posts are a new variation of an old idea. They provide a modern look where screw posts are a good solution but a more modern look is desired. Also, they're quicker to assemble since they just snap together instead of needing to be screwed on.
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Use a paper drill if you need to put holes in a large number of sheets of paper, or stacks of cover stock, foam core, and similar materials. A drill is also much less effort to use than a hand-operated punch.
For holes in wood, metal, plastics, etc., use a drill press with a bit suited to the material. Check with the supplier or the manufacturer of the material you are using for the proper type of bit to use.