Yes, the ACE is a great starter. However, my starter was a Bounty Hunter - with 3 tones that just told you what type of metal was in the ground. Once I used it for 2 months I decided that I REALLY love to MD and got the ACE.
Basically there are indicators that show a bottlecap, penny, nickel, pull tab, quarter etc. When the MD gets a signal, an arrow points to the type of item in the ground. However, just because is says a nickel - does not mean it really is! The quarter and dime signals are almost always correct though. Then the indicator on the side shows how deep the object is.
The coil actually detects outside of the ring a bit, but as you move it around you zero in on the object. One of the great features of the ACE is the pinpoint mode. When you get a signal, you push and hold the pinpoint button as you swing over the target. The tone stays steady and is loudest when it is directly over the object - a very cool feature.
I am pretty sure there are MD out there that give you a visual of the object in the ground, but I think they are top dollar. Not sure that you would want to start with some super fancy machine just so you get a visual. I understand those machines are pretty technical to operate. As you use the MD you learn the types of tones and you have a decent idea of what is in the ground. If you are just trying to avoid digging trash.... well, digging trash is a BIG part of MDing.
I am just a newbie myself, but from what I have read here - most of the good stuff is all within the 6-8" that most MD's go. I personally think the ACE is a fantastic machine - with lots of bells and whistles that you find on the real fancy models. Many of the people here use it. I think the term 'starter MD' can be a term for a cheaper model, but that is not true for the ACE - it is just a great machine that people start with and stick with!