This was the same question I asked when looking into the GT versus the Etrac and Explorer. I've owned about 3 Explorers or so over the years and IMHO the GT is deeper on both silver and copper in my soil (medium to heavy minerals). If you do some searching in this forum for the word "Explorer" through ALL DATES (or ANY DATES) you'll find a slew of threads on this topic. Many say that the GT is deeper than the Explorer and Etrac. I had several PMs from people who gave this opinion having owned them all but didn't want to be trashed in public about their views. I feel it comes down to the more and higher frequencies that the FBS machines (Etrac/Explorer) have compared to BBS. BBS machines have all the frequencies needed to hit hard on any metal (silver/copper coins or gold rings/etc). From what I've read, was told in PMs, and also based on my own experience with Explorers I feel this might be due to the higher/more frequencies of FBS machines reflecting off ground minerals more or picking up more noise, which requires lower sensitivity settings in certain grounds or when RF is present. Another reason why some feel the GT is deeper is probably based on it's more solid/longer audio and it's VERY stable ID. While it's very high in resolution compared to just about any other machine on the market, it didn't cross that line into higher resolution in certain respects on the Explorer/Etrac which makes the ID jumpy and iffy on some targets and deeper ones as well. At depth my Explorers wouldn't lock on solid to coins most of the time, causing me to suspect a junk target. This can also be explained by the VDI on the Sovereign being tied directly to the audio. What you hear is what you INSTANTLY see on the VDI, where as on say the Explorer the VDI seems far detached from the audio. That's why many BBS users say go by the sound and not the VDI. In that respect the Sovereign is "quicker" on targets then many machines that have even faster recovery speeds. Not a problem on the GT so long as you keep your sweep speed from going to fast.
I've dug a few coins thus far a good 2 to 3" deeper on my GT that gave perfect response on my GT than I ever did on my Explorers, and this was in an area that I gridded both ways with my Explorers with various settings and they simply missed. The GT also seems to run more stable in rougher ground conditions and also has given me better responses (perfect ones) on coins at bad locations that the Explorer could only manage iffy ones at. Also, for gold ring hunting as well many say nothing beats a Sovereign. When I tried to develope a tab-to-ring pattern on the Explorer the resolution was too high, resulting in a blurry confusing mess with it's 2D discrimination. The same tests on the Sovereign have shown it's possible to avoid most tabs while still digging most rings. It's the best ID on the market for that IMHO compared to any machine out there. Even the M6/MXT, which are known great ring machines, do not have quite the resolution of the Sovereign using the 180 meter. It's king of the hill in gold rings as well as deep or masked coins at sites that have been worked over by other machines. The Etrac does seperate trash better from coins from what I hear, but if you swing the GT at the proper speed target separation is as good as it gets compared to any machine. Recovery speed and separation are two different things. Also, use an SEF coil and it will seperate even better than any machine I've owned with any coil in the 9 to 12" size range.
I've also read a few threads where guys who have tried larger coils (12" or bigger) on FBS machines and the Sovereign state that the Sovereign runs smoother and gets deeper than a large coil on other machines. Probably due to the less frequencies/noise. Not sure why FBS would add more/higher frequecies when the high end of the GT scale is already overkill for gold and other low conductivity targets, besides having all the good/lower ones to hit hardest on copper/silver and in bad ground where higher frequecies can run into problems. More of a marketing ploy to me then a true improvement over BBS, but others probably will differ. I found the Explorers to be very picky about sensitivity to achieve best depth while remaining stable, as well as the proper settings for various other things. The machine exhausted my body as well as my mind, taking the fun out of my hunts. Not that I'm opposed to computer models, and not to say that I might add an Etrac to my lineup because I miss computer controls sometimes when I'm bored or want to tweak something for a rare specific site. The GT gives you all you need to max out depth/performance.
Here's just one thread to read over, but if you do that search for "Explorer" on all dates in this forum you'll find plenty of others that say the same thing.
http://www.findmall.com/read.php?21,1070438,1072585#msg-1072585
Final note: All three of these machines are SO close in depth and performance that any slight advantage (user, his settings, etc) will make the difference. Remember also that the SE and Etrac are using an 11" Pro Coil. That alone could be the excuse for any slight depth advantage that some say they think they have. Strap a 12x10 or 15x12 on the GT and it's going to destroy that size advantage. In fact, if somebody wanted to test all three in the proper way they'd put the 10" Tornado on the GT and the Explorer 10" coil on the other two machines to compare. That still might not be fair, because isn't the Explorer coil 10.5"? You also have to wonder why they'd put an 11" coil on those machines if they were already better in depth. It would have cost less money to just use the 10" they've been making. I am suspicious that the reason why they did that was so that they could try to stay ahead of older Explorers or perhaps the GT in depth to some people. This is pure opinion on my part but I feel BBS was a true breakthrough in technology, covering all the frequencies needed to hit any metal of various conductive properties at great depths and in the worst of ground conditions. When you come up with a new product you have to sell the sizzle and not so much the steak, but adding "more" to a solid initial invention (BBS) can start to destroy the impact or even compromise the performance in certain situations. Just because you like ice cream with two scoops on top doesn't mean 4 is automaticly better. It may be more ice cream, but it's also more prone to falling over on you because it's so top heavy now. That's sort of the way I look at it.
Do I want an Etrac to add to my Sovereign some day? Yes, I do. It's a huge improvement over the Explorer in both balance and certain performance features. But I don't want one because of FBS. I'd want it for that nice fancy display and certain tweak functions (specific target numbers to edit out). It's ID isn't going to do as well on gold rings while avoiding trash compared to the GT, and the ID "float" may cause me to miss certain coins that the GT would lock solid on, but there are still a few rare times when I'd like a certain tweak or two when I'm being lazy and will allow the machine to handle them for me, such as ignoring a specific number driving me crazy or something. Beyond that I don't care about FBS. Haven't seen anybody prove to me it's got any advantage over BBS, yet it does have a few flaws IMHO. I also think iron mask on my GT unmasks coins better than my Explorers ever did, but again that may be due to the more jumpy Explorer ID causing me to doubt what it is.
One more thing: Setting an Excal or GT at 12 O'clock isn't going to give it best performance. If you are doing default on the other machines I would consider default on the GT at about 2PM. It's a lower sensitivity setting but from my experience it will see targets deeper than noon will if there are any kind of ground minerals or nearby noise to contend with. 2PM seems to be the norm for most people unless the soil is very free of any kind of minerals. In those cases 11PM seems to be about as high as most will go for "best depth". 12 Noon can null out a target because it's choking/overloading on the ground matrix. I've tested this numerous times and it proved all my prior theories wrong with previous machines I've owned. It might even be stable at full sensitivity, but 2PM was much deeper where anything above that would cause the target to vaish, null, or at the very least degrade in quality to where you would think it was iron or trash.
Search this forum. Read up on it. If anything you'll find a split decision on which is deeper of these machines. Also, they are so close it can come down to your personality traits deciding which machine you like best at telling you what's going on with the real deep stuff. The GT reminds me of a Whites in audio and solid ID. That combined with it's long drawn out audio makes it much easier for me to hear, see, and analyze potential targets at greater depths than I could ever get the Explorer to do...for me...in my soil...IMHO.