For a thousand dollars, It better!
I use a Progressive Electronics unit that cost abour $300. When it works, it works well. When it doesn't, it's a total waste of time. Sometimes it sends a nice clear signal thru the wiring, sometimes not. I have not been able to figure out why it does this but I do know that it doesn't like it when there is lots of activity underground, The signal wants to jump into other wiring and it picks up a crapload of static.
Isolation of the conductor you are locating is necessary when there are others nearby, disconnect both ends of it so you do not feed through connected loads and back on other conductors.
I have a Rycom (not sure of model number) buried fault locator. I have never ran into a fault I was not able to find. Sometimes had a good challenge but always learn from the experience and next time situation is similar usually figure it out faster.
I bought this unit used from a utility company for $500, New ones are worth at least $2500 or more. It is a very basic unit to use, does not have any digital readout or other fancy stuff. I have seen people use the fancy ones and not accurately locate what they are looking for - but that is usually operator error more than equipment error.
Number one rule if having trouble locating path of buried wire is eliminate unintended paths (isolate as I mentioned before). Locating a fault point can be challenging at times, soil conditions will effect how easy locating will be. With my locator there is a fault return probe which is used to locate the point of a fault. It tells you where current is leaving the conductor and returning through earth back to a ground probe located near the transmitting unit. I have had a few times where I could not locate where a fault was because soil was so dry there was literally no return current to locate. Placed water sprinkler over area for few hours and tried again and found fault almost immediately.
My advice is if you do not do a lot of underground work you may want to rent, subcontract, or whatever for the occasional times you may use something like this or it will take a long time to pay for itself. I do a lot of work on farms in my area and locate a lot of underground lines - even for other people that need something located for other excavation reasons.
And for finding faults - some locators only locate conductor path, you need a unit with a fault return probe to find most faults. Occasionally I have run into a clean break that I can find with the regular path locating probe because signal is lost at the break, but usually there is enough conductivity at the bad spot that you will still have signal on the other side of the bad spot.
I don't know the capabilities of the Greenlee circut tracer mentioned earlier in this thread but if it is like other circuit tracers I have seen you need a complete circuit to trace and you will need to pass current through only one conductor in the cable you are tracing and have a return path through another conductor routed away from your locating area otherwise the signal on the return conductor is in opposite direction of signal on traced conductor and signal is canceled.