A few snippets gathered from the web.
At least one of these guys is an engineer.
"Gain usually refers to the pre-amp section and amplifies the signal from the coil, before it is run through the discriminator section of the detector."
"Gain should be controlling the amount of amplification of the receive signal. The more you amplify the signal the more you are also amplifying the noise and spurious signals being received until you can't tell the difference.
Most engineers design RF receive circuits so the operator can decide how much they want to over drive the receive circuit (running hot). After that it's up to you to hear what's good and what's not.
Remember that you are working inside an envelope, too low and the signal will never be turned into audio for you, to high and everything will be turned into audio including the bad stuff."
People have been screaming for depth, depth, depth for awhile now.
One way to achieve that on modern detectors is to increase the gain and amplify everything more so than the detectors from an earlier time.
That should get you deeper, but also amplify other things that could color or cover up some good info in that amplified signal.
Then there are sometimes filters added in the circuits that might have been installed to smooth out this wall of noise and make more sense of things...I assume.
Thus...high gain, Low noise.
Some detectors let you control gain manually, many don't...I assume that would be the bulk of the silent search type without a manual threshold.
Not sure if this is all true, but it is a theory I have using the small amount of info I have absorbed on this subject.
True or not, I think it works like this...
The Compadre is retro, a throwback to an earlier time before all this gain was added and all the modern circuitry was tweaked so we could get deep and still make sense of the sounds.
The circuitry is stone age compared to what we have now, probably less filters and other enhancements than the current state of the art designs.
I am not saying it is better or worse than modern circuitry designs, just different.
Maybe because of all that we get to hear a little more purer signal, with the least amount of "walls" between us and the conductive properties and true sounds of our targets.
Then there is the little higher frequency which might not matter all that much, but most believe the higher frequency units are better for gold searching.
Add it all up, whether it all works this way or not, in my experience you get an old detector that still has a place in this modern world and can still do remarkable things just maybe because it is so stone age.
The Tesoro people have actually admitted that regarding the Amigo and this one they made them too good...nobody ever planned or probably wanted an entry level unit to work this well.
To their credit they have continued to make them and sell them all these years, and when the came out with a unit and that larger coil and didn't charge one extra cent more for it than the smaller coil model, well, as an old retail guy I was astounded.
The modern cars are great.
You can get great gas mileage efficiency, super comfort, safety in all manufacturing from the brakes to the roof, motor power galore if you want it and much more than cars of an earlier age.
As much as all of this is cool and satisfying and makes me feel safe to spend time in and to drive these modern cars, what I wouldn't give for a few more spins around the block in my old 70' Charger.