I hear you Tom, the Equinox seems to be living up to expectation.
Here is how I see the difference from low to high end machines. My el cheapo machine had 3 modes, 3 tones, a pin point button, a sensitivity selector, discrimination control, and an 8" concentric coil. Very basic machine which helped me learn the basics and paid for itself in 2 months. I know I wanted more depth then the 8" coil provided, also wanted to get a DD coil and a machine with coil options. Other options on my list was a display that showed a target ID number, battery life, target depth, target ranges, and the ability to notch. I moved up to a Fisher F4, it had all the features I wanted and fell in love with the DD coil. The coil gave me more depth and better target separation. Once again I wanted more depth, the maximum on the market that used a similar target ID system and VLF technology. I was looking at both the T2 and the F75 boost models. Due to being thrifty I was ready to go with the less expensive T2, but ran into a great deal on a used F75LTD. This $1200 package (retail value) gave me a top of the line quality machine that provided more depth than the F4, faster processor, tighter target IDs at depth, a hand full of processes, the ability to ground grab or manually GB, and a big choice of tone configurations. I have played with a few machines over the past 4 years, but the F75LTD is my primary machine.
Many people come into the hobby on the cheap (like me) and will do as I have done, upgrade twice in about 6 months. Inevitably you will soon want to invest into an aftermarket coil or two to enhance your machine and detecting experience. After a time you will become restless and get the urge to upgrade to a newer machine trying to eke out another 1/2 inch or so in depth and it can become a cycle if you let it.
If anyone is beginning the hobby now they are getting in on the cheap IMHO. Many detectors that cost $400-600 now, used to sell for $700-1000 a couple of years ago. All the main manufacturers provide machines to fit every budget, just know you get less options on lower end machines. Watch videos of machines from the various manufacturers, listen to the tones, try to understand evaluate the target ID ranges offered, the options and it's reputation, then spend accordingly. When watching videos check a few different hunters/reviewers per model that interests you. Don't stay locked into one and only one opinion/reviewer. I use KellyCO site to review the specifications of up to 4 machines, side by side, it's a great tool.
Hope this helped & good luck.