I enjoy my Phonomena very much, and it only lacks a small percentage of the dynamics available with the Audio Research PH-3SE (and little if anything else that the AR has), in my opinion. Mine is the latest version, and it has matched FET output devices. I use it with my Benz Lo4, with 55 db of gain, loaded to 384 ohms (the way Michael Fremer loads lower output mc's, he is correct as usual). Works great, very liquid, very musical, very detailed, plenty dynamic, very deep subterranean bass with excellent rendition of pitch and snap; very low level retrieval of attack transients, microdynamics, and hall ambience. Anyhow, don't discount this thing till you try it...good luck and happy listening, Dhillock!