We've been running the new VS115 for a few weeks now and although it looks very much like the VS110 in terms of the open architecture with exposed tubes and transformers, the sound is radically different.
The VS115 is a fully balanced differential amp with 85% - 90% of the sound of the REF110 for $3500 less. It's so similar sounding to the REF that until you do a side by side comparison, you wonder if there is any difference whatsoever.
But there are some differences: The REF is slightly more see-though transparent and refined in the higher frequencies with just a bit more openness and liquidity. The VS115 actually sounds a bit more meaty and punchy, though, which is great for rock and jazz. This amp also has superb impact and control in the bass.
Since the discontinuation of the VT100mkIII (my longtime favorite) ARC hasn't had an amp as good for anywhere near $6500. Now they have one that's noticeably better and is knocking on the door of the REF110, so I'm going to get one for myself.
I'm an ARC dealer.