This will certainly be a controversial topic, but since I HAVE used both types, perhaps I could comment. The pulse will signal ANY metallic target you encounter. The best thing to do, is to dig it all using a pulse, until you are able to ascertain auditorily, that the target is iron. Even that is somewhat unrealible, unless you have the experience to tell the difference. Since you will be evaluating whether or not to dig and actually digging quite a lot of poor quality targets, I will have been on down the surf, digging non-ferrous ones, although I may have missed some deeper ones, which the PI would have signalled. It is a trade off really. I would rather cover more water and the Excal does that better than any other I've used. There is a time and a place for a PI, but most times, an Excal is more practical. If you DO desire all-metal, the Excal has that feature and can be ran in that mode, with TREMENDOUS target information, even in that mode. I tend to believe that the Excal's all-metal mode gives more target information, than any pulse I've used anyway. I have used the very best PIs too, so there you have it, my take. I'm sure the pulse guys will slam me, but that is fine. Just keep in mind, you say, "Furthermore, metal detecting is not (yet!?) a hobby to speak of here in Sweden - so the beaches should be literally filled with valuables". That means that EVERYTHING will be there including TONS of iron, as nobody has ever recovered anything yet, it is ALL still there. Now, if that is the case, I suspect you could cherry-pic all the shallow stuff and more than pay for the initial cost of your equipment, then if you want to try a pulse later on, get one and see if it is for you. Get those deepies, that the Excal may have missed, savvy? Best of luck Swede.