I like the tones, myself. No, they are not widely separated but you get used to it.
After all, anything between nickel and screwcap is... what? Pulltab? Gold? large foil wad?
No matter what, the two middle tones are telling you midrange target. That's when the notch filter gets into the act, helping you to further refine the information.
But in the end, you either dig or you dont.
There also two more tones you dont hear much about, for a total of six. One of them the "rolling tone," is very useful. A wealth of information, really.
I've also heard you can tweak an internal pot and spread the tones out, but I've never done it.
That whole ED-120 vs ED-180 stuff is lost on me. I know the theory behind it, but have yet to see where it makes much difference to accept more phase response into the iron range. I've used both and like I said, not that much to crow about.
Is it a coin magnet? Well, I sorta dislike such lurid terms as they're misleading. It finds coins well, yes, since that is it's designed purpose. Better than others, like some 'mystery magnet?' No sorry - it is what it is.
I have found quarters at 10" with it and the notch is so precise it allows me to hunt in places that others cannot touch. Used properly you can ID most targets with accuracy. To me, it is the total package, ie, the combination of features that make the Golden desirable.