Impact drivers are designed for efficiently driving long deck screws or carriage bolts into wooden posts, fastening concrete screw anchors into block walls and driving screws into metal studs. It isn't intended for drilling, though it can be useful when using a spade bit.
Yes, you can use an impact driver. The important thing is the drill bit. You can make small holes in light-gauge steel and softwood with an impact driver using a standard hex-shank drill bit, but if you want to make holes larger than ¼ inch in heavy steel, hardwood, or pressure-treated lumber, you need a bit rated specifically for an impact driver. Otherwise, it will either snap or detach from its hex shank.
In an ideal world, you should have both tools so you have the best tool for all drilling and driving applications. This also gives you the ability to use the drill for pilot holes and use the Impact driver to sink fasteners. Since you don't have to switch bits for each fastener, you're much more productive.
If you're drilling holes at 1/4-inch or under, you'll be able to drill through brick and some concrete with an impact driver. Impact drivers have a large amount of torque, but they are not designed to be used like regular drills or hammer drills.
When that spring is released, the energy drives the hammer down while simultaneously twisting it. The tat-tat-tat sound you hear is the motion over and over again. This concussive force is what separates an impact driver from a standard drill/driver which requires a user to apply downward force.
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