I felt the same way about the Ref 5 compared to the Ref 3, but nobody likes a buzz killer. I actually have some misgivings about the new ARC gear in terms of really offering significant sonic improvements over their immediate predecessors. Have to say I also have come to believe that my Magnepan 3.7s aren't really that much better than my 3.6s were. These observations typically don't gibe w/ the tenor of forum conversation however.
ARC PH-8
I have 45 hours on my new PH-8. So far, all I can say is WOW! According to the factory, full break-in isn't reached until 600 hours. The PH-7 with the power supply upgrade was my previous phono. Compared to the 7, the 8 is in a different league altogether. WAY more life-like. More life, punch and a more up-front perspective. Still has that ARC sound staging we ARC fans all like ... with, like I said, way more life. I'll report back when it hits 100 hours or so.