This is pretty much what the Roto-zip was made for.
I have to 2nd this one. A Rotozip is great for this and it will work on the diamond wire mesh with the right bit. They also sell an attachment for a shopvac to keep the dust to a minimium. Once you get the hang of it you can make clean and accurate holes that hold a remodel box nice and tight. Making the job look that much better.
