Bifwynne - since the power supply and the gain section circuit of the Ref Phono 2 are shared with the Ref 5, and since the SE upgrade to each includes an upgrade to the power supply and addition of Teflon caps, you may get some idea of about the improved sonics of the Ref5SE by parsing through the Valin preview on the Ref Phono 2 SE. Since his comments indicate he had roughly 10 days with the RP2SE, further improvements will come across the several hundreds of hours of break-in needed by a new unit generally and the Teflon caps in particular. The power supply upgrade should yield better low frequency articulation and, typically, Teflon caps will offer more tonal depth. It's likely the Ref5SE (and RP2SE) will sound closer to the Ref40 Anniversary and deliver improved image focus and dimensionality. Just my thoughts as an exercise; I've not heard the SE units, but I'm looking forward to 'em.