I had always heard the same about the signal traveling deeper in the water than in the air. I also heard that there is hardly any halo effect if there is any at all for gold which is what 95% of us water hunters are looking for. I have found gold rings on the beach with my Excal in discriminate as deep as some of those air tests. So I think for the most part the air tests are a waste of time. Just my 2¢ like it or not.
PIs definitely get more depth in the ground, than they show in air tests. I think the magnetic field created by the coil pushed into very conductive ground charges the target more, and as long as the ground returns to zero before the sampling (pulse delay), the target will hold a charge longer than it would in an air test, because it got that extra charge, thus giving a signal when it wouldn't without that extra charge.
The thing is, this is linear across all PIs, if the Sand Shark gains 2 inches of depth in the ground, so will the Dual Field, and the Headhunter, etc. So the air test results still hold true in the ground when comparing two machines, if one machine gets much less depth in an air test, it will still get less depth in the ground. While air tests don't show the true max depth of the machine, they are good for comparing the depth of different machines, and the difference in depth between different size/conductivity targets.