I've had a baby vertical mill for many years but recently bought what might be considered a large-ish hobby machine. The first had Morse 2, and the second R8 which I chose in preference to Morse 3. Based on my experience, Morse tapers are great for drills with axial loads, but you need to crank up the drawbar somewhat to take milling side loads. That means that the drawbar needs quite a thump to release the taper. R8 releases much more easily which is great if you are swapping tools. I have an ER32 collet chuck and I know that some people reckon they are great for drills as well but I don't find them too good for smaller sizes so swap to a 16mm keyless drill chuck instead. Slacken the drawbar and at worst a slight tap of the spanner shank on the top and the tool holder drops into your hand. Just seems so much less brutal, and as I would have needed to retool with Morse 3 anyway, no more expensive. And there's quite a lot of second-hand R8 tooling about. I would do the same again in an instant.