Hand reamers are like all cutting tools made to very close tolerances, of the order "+0.00* to +0.00* mm" to suit different hole standards. I have yet to buy a new reamer that is not on top limit. Usually H8 hand reamers are stocked, but special order can get you H7. With machine reamers usually stocked and produced to H7 tolerances, or again to any "hole fit" that is required, to special order.
A machine reamer usually cuts oversize when too much material is left in the bore, it will also wear quickly. Leaving too little material can also cause problems, usually giving a poor finish.
Another cause of hole size problems is by how slowly the reamer is passed through a bore. The process wants to be done quite swiftly, but at the same time the reamer must be allowed to cut. The correct lubrication is another area that will influence the size and the finish.
For a 3 mm reamer I usually use a 2.9 mm drill, for a 5 mm hole I use a 4.85 mm drill and for an 8 mm hole a 7.8 mm drill. In all cases I drill 0.5 mm smaller first before I use my pre-reaming drill. As can be seen the amount of material left in the hole for reaming is getting bigger with the increase in the size of the hole.
There is however a limit to how much that is left in prior to reaming and there are many PDF's by the people like Taylor+Jones who give guidance on this topic. The type of material being reamed is also of great importance. I would never expect a reamer that has been used on steel to produce a very good hole in brass or bronze. If a lot of reaming in the last two materials is envisaged it would pay to keep reamers specifically for these. I also never cut these materials dry with a reamer, despite what the text books might say.
I hope these notes help those who have struggled in the past.
Regards
Gray,