Hello, I started out with a Batbox III, fairly cheap heterodyne detector (one which you set the frequency, and you will hear anything +/- 15 KHz of that frequency.
That was fine for many species, and combined with the bats's "jizz", a sound CD, and a lot of practise, you'd be able to identify Serotine, Noctule, Natterers, Daubentens, , Barbastelle, Common and Soprano Pips, and Greater and Lesser Horseshoe Bats. Plus you'd have a good chance of identifying a Leislers. Depending on where you live many of these species might not be present. South and West is probably best for number of species.
It's main limitation is you could be happily listening to a Pipistrelle at 45Khz, and miss a Noctule and Greater Horseshoe whiz by! Plus you can't really do any meaningful recording for future analysis.
So, I traded mine in on ebay, and replaced it with a Pettersson D230, which I think was about 400UKP, not cheap, but I now have the heterodyne in one earphone, and the Broadband detector that will pick up all frequencies in the other ear!
Works well with the headphones, or you can set it to broadband, and flip to Heterodyne when it picks something up.
I also have an MP3 player with line in socket and recorder feature, and can record, upload to the PC and analyse with freeware spectrum analysis software (e.g. audacity). This is useful for both analysis of what you have previously heard, or leaving it recording for a couple of hours, then whizzing through the MP3 file to check if anything passed by. (I've recorded about 6 hours in my back yard this last couple of weeks with just one Pipistrelle recorded so far! only took about 30 mins to check all the files).
Think the Duet is fairly similar to the Petterson D230 but about 100 UKP cheaper.
The species identifiable are about the same as the Heterodyne, with probably a better chance of Nathusius Pip, and one or two others, but these are so rare, the benefit would be questionable. Main advantage is the recording, and not missing anything.
The Time expansion detectors are the top of the range, but also very pricey.
Would recommend joining your local bat group.. I have some great evenings with the North Bucks group.. Checking boxes, seeing Natterers and Long Eared in the hand,. and several surveys, colony counts, and bat walks through forests.
Differs from birding in that the emphasis is more on conservation, and finding/preserving roosts as opposed to lists and the number of species you see. Obviously bats aren't anything to look at compared with birds, but they are fascinating none the less, and are very enjoyable to watch.
Cheers,
Peter