You likely have made up your mind already, but I will "beep" in for a second here if I may.
I've had both version, standard and waterproof, and would go with the waterproof every time no questions.
I'm an all day hunter no matter the weather, so if my regular Garrett pinpointer gets wet, it gets ruined. So for a few extra bucks it makes all the sense in the world to me.
The settings are quite simple to get used too.........but you just have to remember how when you are out in the field.
I have sometimes held the button down too long and changed settings, I have hit the button to quickly and turned my sensitivity way down and then couldn't find a garbage can lid at 1/2 an inch, but it's all a practice thing.
The bonus to the multiple settings is that you can have audio or vibrate or both.
If you are a night hunter and don't want to draw attention to yourself, it's nice to have just a vibrate mode.
Also a plus is when you are looking for a target in hard packed dirt and you aren't quite sure where it is, you can turn up the sensitivity on the carrot and it will go deeper and help you locate your find.
Once you've got your find in your pouch, then you just quickly and easily adjust your pointer back to its normal settings.
I use the mid range as I find it gives me the best of both worlds.
Good luck with whatever you choose.