I love discrimination! I understand on older machines and those with concentric coils, the old recommendation about using less discrimination applies, but not with the E-Trac with the pro coil.
I have used the preset coin program exclusively and don't think I am missing much at all. I am digging good items close to and mixed in with trash, coins with serious iron stains on them. I am consistently digging old coins from well-hunted parks that I and hundreds, if not a thousand detectorists have missed. I have tried both Andy's program and TTF and I've not found anything but trash in sites I have hunted well in preset coin mode.
However, all this is dependent on your site and what you want to dig. I am coinshooter working old parks and schools in the midwest. If you are a relic hunter in the south or a old farmfield or cellarhole hunter, your needs may be different and TTF might be just the thing for you.
I have not found there to be any real time lag between signals when using discrimination. This was definitely a problem with older machines and especially the early Explorers, but I am finding targets located amazingly closely together and getting recognizable enough signals on each that I can sort it out, or at least know I need to dig that signal and investigate. The peep of a high tone comes through the trash and if you are listening, tells you that you need to check it out.
I also do not think I have lost any depth by using discrimination. I am digging very deep targets, with good IDs at depths I have never hit with other machines. At the last site I was hunting, the deep coins were below plugs cut the length of my Lesche digger, and beyond the reach of the SunRay probe. I had to remove the plug and additional dirt to get the SunRay to sound off.
I am not tone deaf, so I can't speak to that. I appreciate the tones on the E-Trac, I can often ID a target just by the sound it makes. I'm not sure how this would affect your use of the E-Trac, but I would imagine that the ID screen and numbers as well as the depth meter would be more important.
If you are afraid you're missing targets, by all means, open up that screen, but for me, all I get is wasted time digging more trash and iron signals and no increase in good finds, in fact my good finds are reduced as I wasted more of my hunting time digging trash! I'd rather be digging more old coins than chasing every iffy signal in a paranoid manner afraid that I'd miss one little thing. I'm more than happy with my results (and to me, the results speak for themselves), so I'm sticking with discrimination.