My wife doesn't use one at all and gets her finds every time. I have become dependent on a pinpointer and won't detect without one. Even so, I often have to resort to my BH to relocate a target when my pinpointer won't pick it up. This tells me my wife is a much better pinpointer with her main detector than I am, even with my pinpointer! It also tells me you don't have to use a pinpointer, but it may help some people more than others.
Mine is an old Falcon with the probe encased in a 6" length of plastic plumbing pipe on a 3' or so cable. The electronics box clips to my belt. The wand is sturdy enough to dig with in loose soil or tot lots. I nail the target with my Time Ranger, then plow around using the wand. We don't dig lawns very often, but when we do, the probe can be inserted any reasonable depth by its cable, way beyond what my arm could reach to retrieve a target. It's quite sensitive to very small items, but is limited to about an inch or so from the probe. I paid $180 for mine, so as long as it works, that's what I'll be using, even if a "deal" shows up.
For the cost, grab one! It'll also help locate nails in your walls to help locate where to hang photos and stuff, maybe plumbing and wiring, too. Or to avoid sawing into a nail when re-using scrapwood, etc.
-Ed