I just received and tried out this 2 3/4" forstner bit. from MLCS via Amazon - $19.95. I was a little bit concerned that the hole would be too tight because it would be more accurate - but it is perfect for your standard quart jar lid. Tight but not too tight - also very clean and speed only limited by the power of the drill press. This particular bit has a hex shank - which you need with a bit this large to keep it from slipping under load - many forstner bits do not.
I ordered this bit because I am preparing to build a batch of nucs with feeder holes, and hole saws are painfully slow.