I have the Eldorado. They are fairly similar except the Bandido II has ED120 and the Eldorado has ED180 discrimination. The Bandido has quite the cult following for working in iron at old spots, I would love to find one someday to give it a try. I hear it is the machine to work in square nails.
I usually get 7-8 inches depth in loam soil, but most my targets seem to come in around 5-6". My deepest target was a silver crucifix, a bit larger than a quarter at 8". It was on the base layer of rock under the park fill dirt.
For parks I set my ground balance, sensitivity about 6-10 depending on trash, and discrimination just below nickle. I do like to thumb the knob to guess what my target is. I find the dial and my ears are pretty accurate at IDing targets. You can check your dial at home by sweeping over targets and turning it up until they break up. You can loosen the dial with an allen wrench and adjust its position to match the target. As the day progresses and I get tired of pull tabs, I do turn up the discrimination to get rid of nickles/pull tabs/ect. The more you turn up the discrimination, the more depth you will loose. Maybe a 1/4" or 1/2" or so.
Fields and old Home-sites loaded with iron, I ground balance, set the sensitivity to 6-10 (sometimes 4 or 5 in thick beds of square nails), and discrimination just enough to break up on a square nail. I then dig everything that beeps solid and multi-direction. Mine does seem to love brass, I dig a lot of brass targets. But they have been my better finds in a lot of spots.
Parks and Open areas I use the 8" or 8x9" coil, for trashy spots I use the 5.75" coil. The small coil is pretty amazing at discrimination and pulling out good targets in the square nails and also the modern trash. I rarely turn my sensitivity up into the red, my hunt locations are just too trashy and all the tiny bits of trash begin to chirp and false. In an open field with few targets I would max it out to where it just started to become unstable.
My Eldorado does not get the depth of my T2, but its performance in trash and nails is unmatched. I do not dig bottle caps like with the T2, and coins just sound so sweet! I love hunting by audio, I find it carries over with my other detectors. I rarely look at the screen and tend to hunt tone only in the trash. A solid beep gets dug. I admit I do dig more trash with the Tesoro, but I also make more good finds!