I intentionally made the topic subject sound scary, because I think this is a safety of flight issue.  The iFly audio alerts are terrible to the point of being dangerous.  I am using an iFly 740b.  Problem Example 1:
Yesterday I was flying around the local airspace, and I saw two ADS-B targets flying in formation about eight miles away, heading in my general direction.  No problem, I go about my business.  A few minutes later I get a single "ping" alert, and look down at the display.  I was startled to see the pair of aircraft are now 1nm away, within 500ft altitude.  I look to their position and spot them doing a hard turn into me (they were doing formation aerobatics), *very* close.  They level out and pass overhead, within 1000ft of my aircraft.  All I ever got was that single ping at 1nm.  No other audio alerts.  The traffic alert box was up on the screen.
Out of curiosity, The rest of the flight I intentionally flew close to other ADS-B targets to see when I got alerts.  I twice got alerts for aircraft that were 4-6 miles away and behind me, no factor.  I *never* got any further audio alerts for aircraft that got within two miles, even after rebooting the 740b.  I have seen similar behavior on several flights previously.
My alert thresholds are set to 7nm and within 5000ft of my aircraft.  A single ping at 1nm within 500ft with these settings is NOT acceptable, and is dangerous.  The whole point of ADS-B traffic is to warn the pilot so they can keep their eyes outside the cockpit and fly the airplane.  Having to watch the display like a hawk because I can't trust the audio alerts is not what I had in mind.
Problem Example 2:
Obstacle alerts are extremely inconsistent.  Sometimes I get alerts to obstacles that are 6nm away, sometimes I get none until I'm right on top of them.  I have had alerts when flying straight and level where the very first audio alert was for a tower 0.4nm away.  No icon, no alert text box, no audio tone until then.  Then it all happens at once and I get the "schwing!"  emergency alert at 0.4nm.  Are you kidding me?
I was flying with a friend at low level to the local grass strips a couple weeks ago, and on climbout after takeoff I see a tower just left of our course, taller than our altitude, less than a half mile away. I looked at the 740b and there it was on the map, circled in red and black.  No alert at all.  My friend has a 720 in his airplane.  I said "Hey, are you getting an alert for that tower?"  His response: "No, but I'm not surprised.  iFly alerts suck."  So I don't think this is just me.  I previously had a Garmin 496, and all the alerts were super consistent and accurate.  The iFly alerts are night-and-day from that experience.
If there is a setting to fix this, please let me know.  I have been living with these terrible alerts since I bought the unit, and frankly I just don't trust the 740b to keep me and my passengers safe unless I babysit it all the time.