In case anyone has trouble understanding, my comparative comments were couched in retrospective contrast with a _new model_, not as any glaring pronouncement regarding deficiencies of the Ref 3. Every opinion involves comparison and I thought I was pretty clear about mine.
Just as with any new iteration of a product where there have been improvements made, they highlight where a previous model may have fallen short of accurate either slightly or noticeably in different areas of performance.
Many times these shortcomings are not noticeable until the new model highlights them by displaying better accuracy in specific areas. Could anyone perfectly point out every flaw in an excellent standard TV picture prior to HD coming along? HD quality pointed out cleanly where standard picture TV fell short --HD set a new standard. The same holds true for high-performance audio and in this case the Ref 5 compared to its predecessor the Ref 3.
The Ref 3 is still an exceptional pre-amp and I would likely still own it had I not heard the Ref 5 and been able to afford it. In addition, the Ref 3's second market value accurately represents in my opinion, the difference between the two units performance. So, I see only upside, more choices of high quality products at different price points --and this holds true as new and better products come available in any category. The used Ref 3 buyer is still getting a great deal on a fine pre-amp at a reduced price.
Is this more clear now?