Karma16: please back off Hifigeek. We should all be respectful to each other. Moreover, he has always provided good advice to those of us who are less informed about electronic theory, particularly ARC gear. Oh, my rig is all ARC: PH-7, Ref-3, VS-115 and CD-7. I can personally attest to the very helpfulp advice and information that Hifigeek has always provided.
BTW, the ARCDB website has some info on increased power output for various ARC amps that use the KT-120. See the News tab. I don't know, or frankly care for that matter, where ARCDB got their information.
If you do a broad "KT-120" search on the A'gon discussion forums, I think a number of ARC owners have posted comments about the superior sonic attributes of the KT-120 over the 6550. Is it true, I guess you'll have to spring for the new tube and try it yourself.
Will tube life be extended? We'll just have to wait and see. However, Hifigeek's comment about the KT-120's ability to handle plate current of 700V dc (versus actual bias being set at 65mV dc) is impressive. As a lay person, it would seem (?) that the new tube has a robust build quality that may possibly extend tube life over the 2000 maximum hours suggested for the 6550.
Thanks to everyone for their helpful advice.