goldman55, the reason cell-phones and 'puters take off by leaps and bounds in tech and lowering prices, is because EVERYONE has one. Thus the research & development are much more well-funded, via the demand. Contrast to metal detectors: they are a niche geeky hobby, where relatively few are sold, and fewer users yet ever advance to actually take them out of the closet and use them (ie.: hardcore hobbyists).
I'm sure if the demand for metal detectors was as much as the demand for PC's and cell-phones, then yeah, perhaps something would have been developed by now (by virtue of un-limited R&D $$) that could tell aluminum apart from gold, and so forth. But since it's a niche hobby (when you start talking the true cadillac detectors, and leave out the Radio Shack toys, for the sake of discussion), there just isn't the R&D money to progress.
And your example of fish finders (which have great accuracy, at great distances) is flawed. Because there is one BBBIIIIGGGG difference between that, and metal targets in the ground: The medium through which the signal flows: water verses ground. Because you see, water presents no interference for the sent-signal. It just goes and goes until it bounces off of something solid. Contrast to solid ground, and it's an entirely different beast to work with.
Same for some people's example of the accuracy of medical x-rays, which are so detailed, you can see the shape of objects inside a person's body. But the catch is, the sent signal is being received on the
opposite side of the subject being x-rayed. So we too could attain to such accuracy, if we could place a receiving panel/plate a foot under the ground, in the places we want to detect, eh?