A high speed system (50) for drilling of very small holes in workpieces (137) such as printed circuit boards. The X-Y positioning system includes air bearings (120) to provide lift between the stationary guide beams (60, 62), the cross beam (65), and the top table (70), and further includes a vacuum preloading apparatus (128). The top table (70) is a light honeycomb structure (71, 72, 73), whose effective rigidity is virtually that of the guide beams (60, 62) due to the vacuum preloading. The system (50) includes a conventional spindle (85) and a high speed spindle (81). The high speed spindle (81) includes a stationary body (156) carrying the stator (195, 196) of the drive motor. Only the spindle rotor (160) is translated along the Z axis to perform drilling movements. The rotor (160) is supported within the body (156) by rotary and linear air bearings (179, 187), and is axially driven by a linear motor (210, 220). A tool changer (95) loaded by clips (350) carrying the drilling bits (400) is mounted on the top work table (70). A vacuum hold-down apparatus (140) secures the workpieces (137) to a drilling station.