To me, the real crux of the ARC update/improvement matter is this: Let's say about ten years ago you had ten grand to spend on a pre-amp (must be nice!). Amongst your choices were the EAR-Yoshino 912 (designed by Tim Paravicini, a man very much like Roger Modjeski) and the ARC Reference whatever. The Ref, like all ARC products, has been updated/improved numerous times in the ensuing years, while the 912 remains unchanged. And the 912 STILL sounds better! How much has the owner of a Ref pre-amp spent to keep his pre-amp competitive? About the same as it's original cost? Hey, I'm just asking.
Now, look inside a Ref pre-amp, then inside a 912. The Ref chassis is stuffed with parts, lots and lots of them. Some may find this simple-minded, but to me it seems like the ARC designers have lost their way, and are just throwing everything but the kitchen sink into their electronics. Turntable critics feel the same about Harry Weisfeld's VPI designs. First one design, then another, then a third, each time claiming the new design is the best way to make a turntable. Every time ARC announces an update to a product, it is touted as being a drastic/huge/etc. improvement over the previous incarnation. You'd think with all the radical improvements, reproduced music would by now sound better than live!