Parasound newclassic 200 pre or a Halo P 5?

P-5

Yes, so what's really better: discontinued top of the line, or just out standard line?

See the above. There lies your answer.

I owned a Parasound Halo P5 for a short time. I bought it based on reviews, features and price. I did not really need most of the features, I just needed a 2-channel pre-amp. I found the P5 to be underwhelming as a 2-channel pre-amp. Feature rich, but lackluster sound quality. If you need/want all of the features that are often/typically not part of a standard 2-channel pre-amp, I guess it could be a consideration. However, if you are looking to maximize sound quality, I think the P5 would hold you back.

That's just me experience. I've been around the audiophile block a few times and have owned many components and systems. Other people's opinions are just as valid as mine. But that is my opinion.....

Good luck in your search.

I do like the features it has, but of course it needs to sound good!  Was it quiet?  And, would you say it was as good as other preamps with similar features in the the <$1000 range?