EAR vs Audio Note preamp


Friends,
I am contemplating getting a preamp with in-built high quality phono stage. I have shortlisted EAR 868/912 or Audio Note M3/M5 phono. I plan to buy pre-owned so I am flexible about the models. The power amp that will be driven will be a Nelson Pass First Watt F6 initially and slowly I may get into the SET domain. Can someone tell me about the sonic difference between EAR and Audio Note preamps ? I value speed, dynamics and purity of tone. I am neither for artificial warmth or artificial clarity. 



pani
Robert Levi of Positive Feedback and The Los Angeles & Orange County Audio Society is of the opinion that the EAR 912 betters the Audio Research Reference 3. The EAR 868 contains the same design and circuits as the 912, but without the 912's faceplate, meters, and some controls. 868's don't come up for sale used very often, but when they do sell for around $4k.
I personally also favour Audio Note over EAR as a line stage. But when it comes to the internal phono stage I am not sure. EAR phono stages are well known and the 868/912 both carry the EAR's top phono implementation. By contrast the phono stage inside M5 phono would at best be their mid level implementation. Has anyone used Audio Note phono stages to give me some idea about their level of performances ?
My target preamp has changed a bit. I am still considering Audio Note M5 strongly but after a recent audition of some Audio Research gears I am also considering the ARC Ref 5 SE preamp. Audio Note vs Audio Research, M5 vs Ref 5 SE !!The amp that will be driven will most probably be a First Watt F6 so it is not a deciding factor as I see it. Anyone here with experience with both Audio Note and Audio Research preamp, please chime in.
Do you have a budget?

If you are considering an ARC Ref 5 maybe that's a dumb question... you do know that the ARC doesn't have a phono section, right?

I'm puzzled how it boiled down to these choices. Some others to consider: the CAT Signature, cj ART, perhaps the Cary SLP-05 all of which have good phono sections. I like to think we make good preamps too.
Ralph, if I go with ARC then I will get their Ref phono 2 too, it all still comes down to well within $15k (used) which is affordable