John --
I have been working to understand all of this myself. I will tell you what I believe to be true, as best as I can understand at this point...
The machine does NOT "stop" detecting. When iron (or any other target whose ferrous and conductivity values you have set your machine to discriminate out) is present under the coil, the machine responds by "nulling" the threshold. You can think of nulling as simply your machine saying "I sense a target under the coil, but you have chosen to discriminate this target, so instead of producing an audible signal -- which is what I'd otherwise be doing right now, I will simply null the threshold." When your machine sees a non-discriminated target, it will then respond audibly.
But, iron in particular is somewhat of a special case. Iron has a particularly strong influence on detectors (due, as I understand it, to its magnetic properties), and as such, iron will often "overpower" the signal from any other nearby (possibly good) target. This "overpowering" issue can happen with ANY type of metal; for instance, a pull tab four inches above, and directly on top of, a dime, may "hide" the weaker/deeper dime signal, and thus your machine will likely "see" -- mostly or even completely -- the signal from the pull tab. However, iron is particularly good at "overpowering" nearby signals. This tendency of iron in particular to "hide" or "mask" any signal from nearby targets is referred to as "iron masking."
So, when iron is under your coil, and your threshold nulls, it certainly may be difficult for your machine to see other, adjacent targets, as these targets will often give a weaker signal than the nearby iron is giving -- but still, your detector has not "shut off." It is still sending and receiving. But, as long as your coil is receiving that strong electromagnetic field associated with the iron, there are two things occuring with your detector -- 1.) the threshold will continue to "null," and 2.) it will be more difficult for the machine to see any other good targets nearby. The "nulling" is an EFFECT of iron being present (and this IRON may cause your detector to miss adjacent, good targets); however, the nulling itself is not the CAUSE of any missed targets.
Obviously, there is a point where the effects of the iron (depending upon its orientation, location, etc. relative to a separate "good" target) diminsh, to the point that your machine can again begin to "see" the signal from a nearby, good target. I believe that this is when you will hear that good target's signal "break" the null, and report to you.
The bottom line is, IRON is what makes your machine "miss" good targets, NOT the "null" itself. The null is just alerting you to the presence of iron (or, again, ANY target you have set the machine to discriminate). When nulling occurs, and it is long and sustained -- lasting for more than just a second or two, then that suggests the presence of more widespread and/or larger iron, as opposed to a one or two second null which suggests a smaller discriminated target.
As a detectorist, nulling can suggest to you that "iron masking" is possible at that point (i.e. there is a chance you are missing some good targets). According to NASA Tom Dankowski, iron masking (combined with depth limitations of detectors) likely "hides" around 80% of all "good" targets in the ground! (Please read this EXCELLENT article... http://www.dankowskidetectors.com/behindthemask.htm ) However, this is just the nature of the beast, NOT an issue that is specific to Explorers. As I understand it, the only things you can do to "fight" the masking issue and hope to find more of those "hidden" targets are A.) move your coil more slowly, to give your machine a better chance to "see" the good target; B.) switch to a smaller coil, which means there will be less iron under the coil at any one time, thus less "masking," and more ability to see the nearby "good" targets, and C.) DIG AND REMOVE THE IRON, so that obviously, the iron's ability to hide a good target has been eliminated! Obviously this is not practical when the iron is pervasive, but digging some of it may help. Meanwhile, slowing down your sweep speed, and switching to a smaller coil are options that some of the more experienced guys on the forum have recommended.
Hope this helps, and if I have made any mistakes here, someone will correct it I'm sure...
Steve