Hi Flex2,
What I liked the Ref 1 is,the speed,transient,mirco dynamic,and the truthness of the acoustic / vocal as well as the way it presence the soundstage,almsot you can fell & touch,extremely vivid and lifelike,of cource,associated equipments is inportant.
The Ref 1 let me remember the CELLO Audio Suite pre amp,still one of the top notch pre amp in the world,I have owned different version of Cello Audio Suite before I got married,the Ref 1 has almost the most vitus of the Audio Suite,believed it or not.
The Ref 1 is not for everyone,hence I guessed ARC need to change and tune their sound from time to time for market strategy in order to get most of the customer in all over the world,this happened as Wilson speaker,I have owned many version of Watt / Puppy series,they changed too.
I don't agreed because of price different of Ref 1 & 5,I agreed with your comments on that,I'm will to pay for the price of Ref5,eventually I liked the Ref1 the most.
For the time of searching the Ref1,I have quite a hard time for it,will post my experience later.
I'm happy we have satisfied user of ARC Reference 1 pre amp here,plerase share more :)