Flex2: Yes, exactly. I understood that the LS5 III was an update due to things learned in the Ref1.....most notably the audio circuit....and a reduction of gain from 30db in the II to either 12 or 18 on the III based on a change to 8 resistors as I recall. I do not think much was changed to the LS5 PS.
One flaw I felt about ARC products was their wimpy power supplies, especially the power transformer. It's incredible how much a preamp's power transformer can affect the performance. I learned this when I had the Counterpoint SA2 stock transformer changed to a Plitron. Swapping between the two external boxes was truly incredible. There was so much life to the music that was simply squelched by the older and pint-sized transformer. I have thought to do this with the ARC MCP-33 that I also own. I know that GNSC did this to a few select ARC updates. I can only imagine the incredible effect it would have on the ARC preamps and line stages of the 80s/90s.
One flaw I felt about ARC products was their wimpy power supplies, especially the power transformer. It's incredible how much a preamp's power transformer can affect the performance. I learned this when I had the Counterpoint SA2 stock transformer changed to a Plitron. Swapping between the two external boxes was truly incredible. There was so much life to the music that was simply squelched by the older and pint-sized transformer. I have thought to do this with the ARC MCP-33 that I also own. I know that GNSC did this to a few select ARC updates. I can only imagine the incredible effect it would have on the ARC preamps and line stages of the 80s/90s.