My advice is pretty useless, since I've only heard one of your choices, but here it is anyway:) Buy the Arcam now if you can, they won't be around much longer. We wouldn't give ours away at gunpoint.
Here's what we like about the Arcam:
- nearly everything
- astonishing detail and articulation at any volume level (I can hear the difference between natural and synthetic drum skins, or the keys opening and closing on a clarinet in the middle of an orchestra)
- pinpoint instrument placements in both small group chamber/jazz and in full orchestra + chorus + soloists
- deep and broad soundstage, beautifully layered F-to-B
- air/space around each instrument lets you hear its voice
- voicing of both instruments and vocals is to die for (Cecelia Bartolli gave a live recital in our living room yesterday, had us in tears!)
- treble and midrange are nearly analog smooth, yet there's absolutely no rolloff of the highs (Jane Monheit's percussionist uses two high-hats and two different cymbals, I can hear which one he's playing and exactly where it sits in his kit, when he taps his sticks together I can practically taste the wood grain)
- bass goes right down to the floor, perfectly tuneful and never bloated (we can easily differentiate individual players amongst the massed cellos that introduce the main theme in the last movement of Beethoven #9, we can tell tubas from trombones from basses from drums on any CD)
What we don't like:
- not much
- raw bass "slam" is very, very slightly shy, no big deal unless you want to use the player in your car with a 500W amp and twin 15" woofers to rock the 'hood!
- cheap 'n' ugly remote, hide it under the cushions
Hope this helps, maybe someone with more experiences will chip in.
Arcam FMJ CD23 (non T)
c-j PV11 tube pre w phono stage (you can't take this away from us either!)
SAE A205 200wpc S/S amp (next on the upgrade list)
B&W N803 speakers (hmmm, same bass response as the CDP)
Nordost Blue Heaven I/C's and biwire cables