Or from a slightly different perspective...
With a Heterodyne Detector, plus observing flight behaviour, it is possible to identify the following UK bat species, at least some of the time:
Greater Horseshoe
Lesser Horseshoe
Noctule
Leisler's
Serotine
Barbastelle
Common Pipistrelle
Soprano Pipistrelle
Nathusius Pipistrelle
Brown Long Eared
Daubenton's Bat
Natterer's Bat
But this takes time, and experience to learn the behaviour patterns, and interpreting the calls on the bat detector. Plus you will miss some species if you are tuned in to other species.
Frequency Division is much the same except you can take more accurate sound recordings, and you don't miss any bats that are out of range of the Heterodyne tuning.
For the recordings, you'd need a sound recorder, e.g. Eridol, or Zoom H2, plus sound analysis software (Wavesurfer and Audacity are free). You can analyse the sounds back on the PC, and identify a good deal more bats. Some detectors are both FD and heterodyne, 1 channel in each ear!
Time Expansion will presumably identify a higher percentage again, and presumably will identify the remaining species that are pretty much impossible with Frequency Division/Heterodyne and flight patterns, in the UK these are namely:
Whiskered, Brandt's, Alcathoes, Bechsteins, plus any i've missed
Many of the species above, (including all the Time Expansion only species) are quite rare in much of the UK, so depending on where you live, there may only be 3 or 4 species regularly occurring, in which case, a time expansion detector may be overkill? Maybe get in touch with your local Bat Group for advice, and maybe join them on a bat walk. You'll learn lots with them, and get some good advice before spending your money.
They'll also teach you other skills like bat surveying, or identifying bat species by their droppings etc. (But note you shouldn't go anywhere where there is a known roost without a license)
Peter