I've heard the ARC Ref. 1, 2, 3 and now the 5 in my friend's system over the past 10 years or so. The 1 and the 2 were good, but not great. The 3 is a great preamp, IMHO. While the 5 is better than the 3, it is only marginally better, to my ears. If money is an issue get the 3, if not, get the 5. (I have not had a chance to hear the Ref. 5SE yet though. I have heard it is a true step up over the 3.)
My two cents worth.
Good Luck in your search.
My two cents worth.
Good Luck in your search.