Pscialli - I've had a VAC STD LE for 3 months now and I really like it. It does not have the phono stage, which is not a problem for me at this point since I don't spin vinyl. I really like the VAC sound, and after talking to Kevin H. several times, will be moving up to the Ren Mk2 soon (I hope).
I really like the detail and layering I get from the LE, and Kevin says the Ren Mk2 is a better choice for me than the Ren Sig for these characteristics. There are also advances made in the Ren Mk2 that are lacking in the Signature and the designs are totally different, From a developmental standpoint, it seems as though the Phi is an evolution from the Ren Mk2, NOT from the Ren Signature, as may have been previously stated elsewhere in this thread.
The only other preamp for comparison in my system was a Thor TA-1000 Mk2. The Thor stickers at around $10K, and in my system had a little better bass tightness and extension, plus a little better overall dynamics than the VAC. It was a noticeable, but not huge difference and I was pretty surprised at how close the VAC actually came to the Thor. In fact, to my ears, the VAC's transparency was a shade better than the Thor's - there seemed to be a little more detail present. I guess it depends upon what you are listening for, etc. Kevin also suggested that the bass and dynamics result was probably partly due to an impedence matching issue between the LE and my DNA-500 amp, which is not present with the Ren Mk2.
In summary, the VAC Std LE is a surprisingly strong performer, (at least the line stage is) from my experience, and the better the system surrounding it, the better it will sound. Paired with my APL 3910 Denon and Whisper speakers, poorly recorded disks still sound like what they are, but well-recorded disks sound between great and incredible! I find myself listening to CD's I haven't heard in years and just grinning....... guess that's what its all about, right?
I know its subjective, but hope this helps.