I've personally owned, (and sold, I was an ARC dealer), both of these pieces.
The PH2 is indeed a phono stage only, not a head amp or pre-preamp. That was the MCP-2. So the PH-2 handles the RIAA conversation.
The LS5 is indeed a line stage only. ARC just labeled one of the inputs as phono, but it does NOT contain a phono stage.
The PH2 is indeed a phono stage only, not a head amp or pre-preamp. That was the MCP-2. So the PH-2 handles the RIAA conversation.
The LS5 is indeed a line stage only. ARC just labeled one of the inputs as phono, but it does NOT contain a phono stage.