During my quest for a high quality sounding preamp, I auditioned 6 preamps one of which was the ARC Ref 5SE. I was able to settle on the BAT VK53SE to go with a Bryston 4BSST2 amp which I've now upgraded to BAT VK255se monos.
I tried the lower end model BAT VK43SE for about a month from Music Direct with the 6, 6h30 tubes and I thought it was very musical but it lacked low end bass punch and had a smaller sound stage. A local dealer was able to let me borrow the ARC Ref 5se preamp that you asked about. It's slightly larger than the BAT and burns MUCH hotter because it uses a 6550 and 1 6H30 tube for it's power supply. I have to use my components in a wooden built in cabinet, a major pain when trying to change components and wires. So guess what? the ARC uses a plastic top grill and would have melted without proper ventilation. WTF plastic?? The build quality on the BAT is much better, no plastic and the performace?? Well let's just say holy cow!!! I could only guess how the Rex would be with a separate power supply. BTW, the BAT VK53se is upgradable to the REX.The ARC Ref 5se doesn't compare. I know with the Ref 6 ARC has made some rather noticeable improvements. I did like the tube usage indicator on the ARC however.
One of the other pre amps I really liked, especially for the money, was the John Curl designed Parasound JC2 BP at about one quarter of the original price of the BAT or the ARC.