I assume we are talking about ARC Ref 2 preamp. I've heard from many that the LS-25 Mk I can sound as good as the Mk II by upgrading to NOS tubes. And it's cheaper. I am sure this is also the case for Ref 2.
I had a request for feedback a while ago on this. I like the Ref II and the upgrade is fairly expensive and adds transistors!! You should listen to them in a side by side comparison.
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