I have a Greenlee punch set (from electrical business) but if I was just buying for arcade games I'd get the HarborFreight version for $25 (plus every Maxim Mag has a 20% off coupon)
http://www.harborfreight.com/cpi/ctaf/displayitem.taf?Itemnumber=91201
EDIT: Use the 3/4" PIPE KO for arcade buttons (the 3/4" is the inside pipe diameter, glad they mark these this way, it was always a pain to try and find the right size hole saw when you only knew the pipe inside size)
Also pick up the security bit set for $4.99 - $9.99 when you are there. (I know I saved a $4.99 ad around here somewhere.....)
http://www.harborfreight.com/cpi/ctaf/displayitem.taf?Itemnumber=91310