Mitch, I'm a big ARC fan. But let me help out with a little perspective. I used to own the Ref 3 and I liked it a lot. But upgrade fever kicked in and ARC ballyhooed (sp?) the new revolutionary Ref 5 as being in a different league than the Ref 3.
I picked up a used Ref 5 for a good price. In my humble opinion, my reaction is it's a little drier than the Ref 3. Maybe bass is a touch tighter. But are we talking "different league" or change measured in "tweaks"? I think the later.
I used to own the PH-7 phono pre too. ARC came out with the PH-8 which was "cut out of the same sonic cloth" as the Ref Phono 2. For the life of me, I'm not getting it.
Ok, last chance. Perhaps foolishly, my Ref 5 is scheduled for the factory SE upgrade at the end of the month. I've read comments that say it will take the Ref 5 to 85+% the way to the Ref Anniversary. We'll see.
I'll report back after the upgrade breaks in. In the meantime, hold your dough. I predict the Ref 3 will be a classic for years to come.