Actually I am pulling new electrical for my component stack and projector (Sanyo PLV-z60)
Yes, that bit is extended to a total of 48". And yes, I needed every last inch. I had what seemed like two headers to punch through and then a cross brace were you see the other two holes up higher on the wall.
Now you may wonder, why are there two additional holes? It's because the that lying bastard of a stud finder said that there was a hot wire there. There wasn't. So I have three times the amount of patch to do now.
So, funny that I should ask this now: Are you allowed to pull high voltage through existing finished wall?