Hi,
I was not a ARC fan until their recent products. A friend of mine owns the REF 3 and it sounds fantastic. I've also had chance to play with the new Ref 5 and it sounds is even better.
On the other hand, having owned, demoed, and listened to many Audionote products, I think that their products are are euphonically colored, have poor build quality, and are extremely overpriced. Also Audionote's U.S. dealer & distribution network has been very weak for many years. The dealers they do have, don't carry much product to demo and have absolutely nothing in stock to purchase. If you want something from Audionote, it's going to be months before you get it. With that being said, Audionote owners are fanatical, like a cult.