I have two friends who have both an 8" and the 10" coils on their Excaliburs. They both do well with them. The 8" coil is actually only 7 & 14" in size. A smaller coil can run smoother and see deeper in really badly mineralized ground or containing a lot of hot rocks. That's true on any machine. Less so on a Minelab but still true at some places. The bigger coil takes in too much ground signal and washes out the target at depth in some bad grounds. Also, if there is a lot of hot rocks or iron in the beach/water then the smaller coil will be less likely to null over that stuff and be able to see a ring or coin in between all of it. Another perk to a smaller coil is for working between rocks in the water.
Now, all that said, my 8" coil friend is going to pick up a second Excalibur this winter with a 10" coil so he can cover more ground faster while gridding in the water. In general a 10" coil is going to get more depth, but that little 8" coil is known for some outstanding depth for that small of a coil. I've heard of guys getting coins around a foot deep with it. I told my friend I'd hardware a waterproof plug on his current Excal so he could switch between both coils instead of buying a 2nd Excal with a 10" on it, but for some reason he'd rather have two machines with both coils. It's his money, but it seems sensless to me to spend over 1K when for about $200 and a few extra bucks for some waterproof plugs he could have both coils for his current machine.
Me? If I was to buy an Excal I'd get the one with the 10" coil for more coverage/depth, and in fact I'd probably end up throwing a S-12 on it. My #1 coil on land is my 12x10 but it's too much drag for my tastes in the water, but I suspect the S-12 is very little drag due to it's round shape, and I think that coil is either 12.5 or 12.25" in actual size, so it's got over 2" more coverage than the 10" coil for griding out the water or the dry sand faster.
I would bet that if you took a poll in the beach forum you might find most Excal guys are using the 10" Tornado. 2nd would be probably the S-12. And third would be the 8" coil. That's what I'd put my money on anyway. Oh, and the WOT would be probably right behind the S-12 in popularity. For most beaches the 8" is going to get less depth and of course has less coverage, and coverage is important at many beaches, more so than depth in some cases.