  Pulsar timing arrays (PTAs) will be sensitive to a finite number of
gravitational wave (GW) "point" sources (e.g. supermassive black hole
binaries). N quiet pulsars with accurately known distances d_{pulsar} can
characterize up to 2N/7 distant chirping sources per frequency bin \Delta
f_{gw}=1/T, and localize them with "diffraction limited" precision \delta\theta
\gtrsim (1/SNR)(\lambda_{gw}/d_{pulsar}). Even if the pulsar distances are
poorly known, a PTA with F frequency bins can still characterize up to
(2N/7)[1-(1/2F)] sources per bin, and the quasi-singular pattern of timing
residuals in the vicinity of a GW source still allows the source to be
localized quasi-topologically within roughly the smallest quadrilateral of
quiet pulsars that encircles it on the sky, down to a limiting resolution
\delta\theta \gtrsim (1/SNR) \sqrt{\lambda_{gw}/d_{pulsar}}. PTAs may be
unconfused, even at the lowest frequencies, with matched filtering always
appropriate.
