Being able to measure each mergers sky location, distance, component masses, and conceivably spins, ground-based gravitational-wave detectors will provide a extensive and detailed sample of coalescing compact binaries (CCBs) in the local and, with third-generation detectors, distant universe. These measurements will distinguish between competing progenitor formation models. In this paper we develop practical tools to characterize the amount of experimentally accessible information available, to distinguish between two a priori progenitor models. Using a simple time-independent model, we demonstrate the information content scales strongly with the number of observations. The exact scaling depends on how significantly mass distributions change between similar models. We develop phenomenological diagnostics to estimate how many models can be distinguished, using first-generation and future instruments. Finally, we emphasize that multi-observable distributions can be fully exploited only with very precisely calibrated detectors, search pipelines, parameter estimation, and Bayesian model inference.
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