Mostly this has been a great pinpointer, contrary to what others have said:

1. It does beep faster as you get closer to the metal
2. You can change between beep with vibration and just vibration
3. It is now waterproof

So the issue... As others have also reported, it randomly will decide to just keep beeping as soon as you turn it on. You can still just about use it because it will beep even faster when close to an object, but you loose that first level of detection because usually that first beep tells you that you are near.

For the life of me I cannot figure out what causes it. Tried new batteries, removed the circuit board to check for loose wires, tried holding down the power button in case it resets the ground balance, but nothing. And then magically it will just work normally again.

It's a shame because now I don't feel I can trust it to be ready when I need it and will be looking for a new one. I would love to recommend it, but as I'm not the only person reporting this issue its clearly a common fault.

UPDATE:

I just couldn't let it go, my engineer brain wasn't happy.... the issue is a tuning issue and can be remedied it seems. To 'fix' the issue take a small metal object and hold it near the LED before you turn it on (you might need to experiment with the position), it should now turn on and be silent. At that moment in time it is tuned WITH the metal object there and removing the object will give you a pinpointer with very low sensitivity (less than a inch!).

If you now turn it off, remove the metal object and turn it back on, it should be back to normal. Failing that you can permanently keep a metal object in that location, ideally slightly adjustable in position.

Waterproofing:

Previously the LED was pushed against a hole in the body of the pointer. That hole now has a waterproof resin seal over it. They have also upgraded the rubber seal on the lid.

Final words:

When it works and stays working, it really does have great sensitivity. The light is so useful that I can use this perfectly well in the dark as my only light source when looking for the find. If you happen to find yourself owning one of these then you will not be disappointed if you know how to keep it operating correctly.