Although I've not compared these exact two models, I have had the opportunity to hear both the Calypso and the Hovland HP200 in my system. For what its worth, IMHO the HP200 is a very clear notch above the Calypso. But it's also somewhat more expensive than the Calypso. Still, the Hovland is faster, more detailed and transparent without sacrificing musicality. In the right system it is awesome. But Calypso is a truly outstanding preamp and a comparison with the HP100 may be a much closer call. I think a choice between the two will depend largely on system synergy. Also, if you want balanced inputs you'll have to go with the Calypso.