It is incredibly dense and can be quite stunning. It is hard on tools, but you should get better than 12 holes per carbide bit. I wonder if there was some sand/dust/grit in the wood - either from previous use or because the tree grew along a dirt road.
For my first experience, I had some iron wood growing near a spring which I wanted to cut down. It was 1-1/2" diameter and I figured I'd make quick work of it with a freshly sharpened hatchet. I got about 1/3 of the way through the "trunk" and realized that I would save time by going back to the shop and grabbing my chain saw!
Termites sure don't consider it worth the trouble!
I would generally agree with highfigh, but if you have left-overs, you might want to finish a couple of spots and see what the figure looks like before you totally discount it.