I owned the 120 monoblocks a few years back. I paid about $1650 at the time..which was about book on them. Mine were not the SE version which have upgraded caps. I ran them on ML SL-3's and Von Schweikert VR2 for the time I owned them. Neither speakers sounded their best driven with the VTM-120's. I liked them because they were not bright, but they really didn't have that tube magic I was expecting, and eventually parted with them.
I would have to agree as Audiofeil mentioned..they do tend to sound rather dry, and I feel they lacked conventional tube warmth, although they are not bad sounding.( IMO..ARC has never made a bad sounding amp yet!) They just lacked that emotional connection that I expected from tube amps. :) Ken