I'm going to give a concrete example of what audiophiles have to deal with from OEMs when making a purchasing decision. Here is what ARC has to say about why the REF-5 is better than the REF-3:
"The REF3 was a sonic breakthrough when it was introduced in 2004 and it has remained at the top tier of preamplifiers since, which is why the REF5 will stun listeners by its enormous advancement in sound quality. The REF5 possesses great bandwidth and resolving power combined with a purity and naturalness that is uncanny – grain and electronic artifacts are simply absent. Bass impact, depth and control are startling, while music ebbs and flows with a dynamic life that is rarely experienced outside the concert hall. While differences in recordings are immediately apparent, the REF5 connects you to the intent of the musicians and the soul of the performance, drawing you in. Music emerges from a totally black background because the REF5 – defying its vacuum-tube architecture – is utterly quiet. Only by hearing it for yourself will you fully appreciate the sonic advancements unveiled by the REF5."
I bolded the parts I want to emphasize that I have no idea how you would measure these claims.
Switching gears, below I have listed the salient specifications of the REF-5 and the REF-40:
REF 5 FREQUENCY RESPONSE: +0 -3dB 0.2Hz to 200kHz at rated output. (BALANCED, 200k ohms load.)
REF 40
Frequency Response
+0 -3dB 0.2Hz to 200kHz at rated output.
(Balanced, 200k ohms load.)
REF 5 DISTORTION: Less than .01% at 2V RMS Balanced output.
REF 40 Distortion
Less than .0006% at 2V RMS Balanced output.
REF 5 GAIN: Main output (SE or BAL input): 12dB Balanced output, 6dB Single Ended output. Tape output: 0dB. (Processor input: 0dB Balanced.)
REF 40 Gain
Main output (SE or BAL input): 12dB Balanced output
REF 5 INPUT IMPEDANCE: 120K ohms Balanced, 300K ohms SE, Inputs (7): CD, TUNER, VIDEO, PHONO, AUX1, AUX2, PROCESSOR. (XLR and RCA connectors).
REF 40 Input Impedance
120K ohms Balanced, 600K ohms SE, Inputs (7): CD, TUNER, VIDEO, PHONO, AUX 1, AUX2, PROCESSOR, (XLR and RCA connectors.)
REF 5 OUTPUT IMPEDANCE: 600 ohms Balanced, 300 ohms SE main (2), 20K ohms minimum load and 2000pF maximum capacitance. Outputs (3): 2 main, 1 tape (XLR and RCA connectors).
REF 40 Output Impedance
600 ohms Balanced, 300 ohms SE main (2), 20k ohms minimum load and 2000pF maximum capacitance. Outputs (3): 2 main, 1 tape (XLR and RCA connectors).
REF 5 MAXIMUM INPUT: 20V RMS maximum Balanced, (10V RMS SE).
REF 40 MAXIMUM INPUT: 20V RMS maximum Balanced, (10V RMS SE).
REF 5 RATED OUTPUTS: 2V RMS (1V RMS SE) into 200K ohm balanced load (maximum balanced output capability is 30V RMS at less than 0.5% THD at 1kHz).
REF 40 Rated Outputs 2V RMS (1V RMS SE) into 200K ohm balanced load (maximum balanced output capability is 30V RMS at less than 0.5% THD at 1kHz).
REF 5 CROSSTALK: -80DB or better at 1kHz and 10kHz.
REF 40 Crosstalk: -80dB or better at 1kHz
REF 5 CONTROLS: Volume (104 steps), Select Input. Push Buttons: Power, Proc, BAL/SE, Mono, Invert, Mute.
REF 40 Controls: Volume (104 steps), Select Input. Push Buttons:
Power, Proc, Bal/SE, Mono, Invert, Mute.
REF 3 POWER SUPPLIES: Electronically regulated low and high voltage supplies. Automatic 40 sec. warm-up/brown-out mute. Line regulation better than .01%.
REF 40 Power Supplies
Electronically regulated low and high voltage supplies. Automatic 40 sec. warm-up/brown-out mute. Line regulation better than .01%.
REF 5 NOISE: 1.7uV RMS residual IHF weighted balanced equivalent input noise with volume at 1 (109dB below 2V RMS output.)
REF 40 Noise: 1.7uV RMS residual IHF weighted balanced equivalent input
noise with volume at 1 (109dB below 2V RMS output.)
The biggest difference I can see between these two preamps is the distortion measurement. .01% for the REF-5 vice .0006% for the REF-40. ARC failed to mention what type of distortion they were measuring though. The other difference is the REF-40 has twice the number of line stage tubes and one more 6550 in the power supply. The input impedance for single-ended inputs is also twice as high with the REF-40 in comparison with the REF-5.
Is the distortion specification enough to explain why the REF-40 sounds better than the REF-5?