Suttlaw, the Omega Mikro Ebony comes as an "interconnect," there is no phono vs. line alternative in this cable. Please note that the Ebony is a more delicate cable than many people are used to handling. The design objective is to minimize dielectic so there is no sheathing to grab onto, just the woven net stocking (insulated fine copper wire) to which a bias voltage is applied. The bare conducting ribbon inside the stocking is a very thin copper foil to which a silver layer has been hand annealed, and these conducting ribbons are screwed, not soldered, to the RCA connectors. For a little extra care in handling, the sonic rewards are very high.
As to "runners-up," I'm going to ask to beg off that question. None of us can hear everything, and any discussion of alternatives will offend someone who really likes the other cable. For example, Albert Porter will tell you that he really likes the Purist Dominus cables, and that he's tried the Omega Mikro and did not think they were as good. At this level of performance, choices can become more matters of listening priorities than absolute performance differences. For me, the ability to resolve complex, large scale music, particularly orchestral, is important. I've tried other cables that sound very good on small ensemble jazz or single vocalist (in some respects better than the Ebony), but just do not continue to resolve detail well on orchestral or more complex music (like Count Basie's "88 Basie Street"). The strength of the Omega Mikro Ebony is that they sound good across that range, but they are outstanding when the music gets more complex and the demands of resolving multiple instruments and multiple musical lines come into play: this is where they clearly differentiate themselves from many other cables. At the same time, they are neutral, not at all bright or edgy (like some highly resolving cables), extremely revealing/resolving and always allow the harmonic overtone structure to come across without change or interpretation.
One last comment: Lloyd Walker makes it easy to hear these cables in your own system. If you're not completely satisfied, return them in original condition within 30-days for a full refund. He doesn't get many back.
http://www.walkeraudio.com/omega_mikro_cables.htm.