If VTL REF7.5 or ARC REF3 serves any reference here, I can confidently say that even basic offering from FM Acoustics, their FM245, eclipses them both. In the two separate instances of home demos I experienced where REF3s were replaced, each audition only took a mere 10 minutes into the listening session before their respective owners confirmed a trade-in.
But since both REF3 users were driving SS amps (Burmester & the big Chords), I was first a bit skeptical by the outcomes, thinking that their amps being SS probably a better match for the FMs. Therefore decided to home audition one myself, and partner it with my trusted ARC REF600mkIII for the weekend. This time the dealer loaned me an FM266mkII. Boy were they right.. those FMs were no flukes! Just minutes into the second track upon firing up, I was totally bought and convinced that the improvement wrought in my system (in most musically important aspects) was 'not subtle'. Sad to say that my beloved REF3 was totally outclassed, and that this not insubstantial plunge was actually justifiable!! (however, some might argue based on pricing alone, this was an unfair shoot-out).
Thus having experienced the above, and few other occasions where shoot-out made at friends' home against other top line references from competing ultra hi-end manufacturers (ranging from 2 pieces to 4 box units), many opined that the top line offering from FM Acoustics, their 'single' chassis FM268 (which was yet another notch up or two sonically above their own superb FM266mkII) is definitely still the one to beat should there ever be a shoot-out for the best-of-the-best, cost-no-object, line stage preamp available today.
Look for one (any of them), and audition for yourself! When properly set-up, make sure to feed them good stable AC, FM's Precision IC (a must!), Forceline SC (whenever possible). I'm sure that most will have to agree that these gears are just plain--astonishing!