You're correct. I just thought I remembered snapping and splitting a hole this way to form a perfect circle but I can see why it isn't. You should also be able to, instead of splitting the octagon shape, select the central vertax and 'chamfer vertex' it then scale it out for a hole shape—at least this is how it works in Max—but while maya creates the appropriate amount of vertices, the shape is square, so you end up grabbing all the middle vertices and uniformly scaling them out into the octagonal shape. Like I said, not a big deal. I know how to "get 'er done'...was just wondering if I was remembering something wrongly or not.