“Since the advent of the CD, listeners have been deprived of the full experience of listening.” - Neil Young PonoPlayers...
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Jonathan Valin has posted a review of the Audio Research Corporation Reference 5 linestage preamplifier ($12,000) at The Absolute Sound. His conclusions:
To sum up, the Reference 5 is a lower-noise, higher-resolution, higher-energy, altogether more discerning preamp than the Reference 3. A great soundstager like all ARC Reference preamps, it now brings sterling neutrality, resolution, definition, dimensionality, and bloom not just to the midrange but also to the bottom octaves and the top ones, better preserves large-scale dynamic scale at all intensities from top to bottom, and is audibly and significantly more detailed than its predecessor. Whether you will like the Reference 5 as much as I do will depend—more than ever, I think—on whether you like that characteristic dry-martini-like Audio Research balance as much as I do. I can’t answer for you, but from my vantage what’s not to like? The Reference 5 is my new tube linestage reference, and, of course, receives my highest recommendation.
You can read the full review here.