Oregonpapa,
I encourage you to conduct your own auditions. I am fortunate to have a dealer who has all available for audition, and I was impressed with the full range of Audio Research products including the Ref line, the HD 220, the VS-115. In my opinion, the ref products do not outshine the HD 220 and the VS-115 in a "night and day comparison". It just depends on how much you wish to spend for an incremental improvement in sound.
Having said this, I auditioned all, had the money to purchase all, and was pleased to purchase the VS-115. It provided the best sonics for my system, even at a cost savings. Money should not always be the reason to drive the train in a certain direction.
Best of luck
I encourage you to conduct your own auditions. I am fortunate to have a dealer who has all available for audition, and I was impressed with the full range of Audio Research products including the Ref line, the HD 220, the VS-115. In my opinion, the ref products do not outshine the HD 220 and the VS-115 in a "night and day comparison". It just depends on how much you wish to spend for an incremental improvement in sound.
Having said this, I auditioned all, had the money to purchase all, and was pleased to purchase the VS-115. It provided the best sonics for my system, even at a cost savings. Money should not always be the reason to drive the train in a certain direction.
Best of luck