I have one, and have used it to cut 1" thick granite slabs. This works well, and with an edge guide, and cutting from the proper side, can produce extremely clean cuts. I feel the wetsaw is a far better option to using a dry cutting blade. We have a local abundance of prefab 1" thick granite slabs that I have used in a few places, IE tops of cabinets by my couch. The felker saw has performed admirably but does cast a lot of water about so cutting in place is not a good idea.
As far as drilling, you can purchase a Alpha core bit designed to dry cut granite that does in fact work quite well. It is best to have a circle guide cut from plywood to start the hole as the bit may tend to wander. I have mine in a variable speed angle grinder.
EDIT: Apologize, did not notice that you needed to cut it in place! My bad, would still work if you could drag the whole assembly outside.