Hardfacing is deposited on a PDC-equipped steel body rotary drag bit and forms substantially protruding structural elements, such as wear knots or chip breakers. Hardfacing may also be applied to features such as gage pads, wherein at least two different hardfacing compositions are utilized and specifically located in order to exploit the material characteristics of each type of hardfacing composition employed. The use of multiple hardfacing compositions may further be employed as a wear-resistant coating on various elements of the drill bit. The surfaces to which hardfacing is applied may include machined slots, cavities or grooves providing increased surface area for application of the hardfacing. Additionally, such surface features may serve to effect a desired residual stress state in the resultant hardfacing layer or other structure.