When you hit "Locate", it plays a little tune if the tile is within the distance. My keys are currently about 100' away, so yes, it does extend further than 50'. I don't have the Pro, but one step down. Here is the picture I get when I ask for the location and zoom in as close as I can get.
I usually use it to hit the button and walk around the house to figure out where I set them down.
My son would put one in his wallet, then when he misplaced his wallet on the ranch, use it as sort of a homing device. He'd have a general idea, then use it to figure out if it showed up when he was close to the shop, or near the equipment garage, etc...