My take :- Pillar drills are good for drilling , Mill / Drills are good for milling AND drilling. I have both – that is mainly for the convenience of having the ability to drill a hole without disturbing a set-up on the mill. As has been previously posted it is dangerous to make intermittent milling cuts on a drill in case the taper on the chuck is released – you can imagine the likely consequences of that! The milling chuck, containing the cutter in a collet, is securely retained in the spindle by a drawbar. All this aside the Mill/drill is a much beefier machine than the usual drilling machine.
Norman