I tested it at the lake yesterday and my suspicion was confirmed. That's exactly how it works. I couldn't verify if the first number changes, though because the range of the cheap 433 MHz receiver was just a few m and my mobile oscilloscope is garbage. But what can be confirmed is that:
1. no analog information except the quantization noise in the returns. But taken that and the relatively high repeat rate might allow some averaging to grayscale
2. the long burst is the sync pulse
After estimating the cone angle and taking a closer look at some of the competition, I suspect that the Vexilar Sonarphone:
http://store12459.americommerce.com/store/p/26-SP100-T-POD.aspxmight actually be a
rip off similar design.
It's highly regarded among its users, but the shape of the whole thing is similar, it's also the same type of cheap chinese plastics, uses 125 kHz with 30 degree cone angle and suspiciously cheap. If one assumes that the Smartcast/Freecast is typically overstated with its cone angle (e.g. by using -10dB vs. -3dB), that would fit well.
I would almost bet that it is actually a very similar sonar circuit, adding an NXP SA604AD or similar for logarithmic RSSI (if even or just use the rectified return), ADC and an ESP8266 or similar and bob's your uncle.
I wonder whether that might be a route to go. In the smartcast, the amplified returns are available... Hmmmmm...
Next step for now will be a LabView implementation of the receiver, so that I can plot the echoes, an attempt at recovering return strength from the digitization noise, but first and foremost a better receiver circuit for the 433 MHz. I decided to keep the unit, so I might just tap the shore unit that came with it.