I can't comment on the III, but I have owned the I and the II. I don't remember what the actual details are as far as circuit or parts differences, but I remember very well what the differences were between the two as far as their sound in my system at the time. That system consisted of VPI/ETII/VDH MCI, Berning 2100 amp, modified MGIIIA's, all connected with the top Monster cables.
Buying the original SP9 shortly after it was introduced and having gotten a tremendous amount of attention in the audio press was one of the most frustrating yet educational experiences I have ever had as an audiophile. I bought the unit because many of the writers(TAS) that I respected were hailing it as the breathrough "serious" preamp that was reasonably priced and I heard it sound incredible at a dealer in a system consisting of SOTA/Koetsu Rosewood, VTL monos, and Snell A's. Inexperienced audiophile that I was at the time, I did not see the trouble headed my way. The dealer's system was very lush, full and rich sounding; my amps and speakers were lean and tonally very to the yang side of the equation. The dealer should have seen the problem also, but that's another story. Great pre-amp just not in my system.
When I replaced my Counterpoint 5.1 with the SP9, I was shocked. Yes, I gained the image stability and detailing that I sorely missed and the dynamics were quite natural, but tonally the sound coming out of my system was bizarre. Bleached and gray sounding and way too lean. Not harsh at all but totally devoid of tonal colors and lean, lean , lean. System matching was all wrong.
A couple of years later, on a whim, I bought a Mk II. Big improvement I thought, over the original, but I thought the designers had gone a little overboard as far as changing the tonal issues. The sound was now much darker and fuller almost chocolate brown with great imaging but everything sounded closed in with very little sense of air around the instruments and the music did not seem to move as well as with the original. If I had to make the choice today I would probably choose the original and pay more attention to the rest of the system.
I hope this helps in some way and good luck.