Picket, I design metal detectors (FTP). Depending on how well its done, MF will have a number of advantages over SF. The first & most obvious is salt cancel. MF can work right into the surf where SF will give you fits. In the desert this will help with alkali soil after a rain. Practically all MF designs I've tried do a good job at salt cancel.
Second, MF processes more information about the target and can potentially give better target ID, or perhaps do a better job with iron ID. Same with the ground signal, and can potentially do a better job at ground balancing. "Potentially" is key here. The Fisher CZs were notorious for mis-identifying deep iron. The White's V3 had ground balance problems.
Regardless of the design, MF spreads the transmit power amongst 2 or more frequencies which means that each TX frequency cannot be as strong as a same SF detector. So a potential drawback is a compromise in depth. As an example, the V3 will hit silver targets deeper in 2.5kHz-only mode and small gold deeper in 22.5kHz-only mode than it does in MF mode. The Minelab BBS/FBS are renowned for hitting deep silver but that's because they primarily transmit 3.125kHz; the 25kHz TX frequency is relatively weak and so is their response to small gold.
Bottom line is that all detectors come with a dose of hype and you should buy the detector for the job at hand. If I were hunting a trashy beach then MF, no doubt. If I'm hunting fairly clean beaches I would probably use a PI. If I'm nugget hunting then either a high-freq SF or a PI, depending on ground conditions and nugget size. If I'm coin hunting then a MF might be the ticket, but a good SF will also work well. If there is a lot of trash then I will focus more on response speed and audio qualities more than whether it SF or MF. And so on.