I don't know if you really gain all that much. Sonically I'm sure there will be some improvements. The bigger step would be to go to the Ref-150.
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I own a Ref 110 and it is much better than the VS 115. I have not heard the new Ref 150 so I can't comment on it. So far my dealer does not have a demo. I would like to hear one but have no plans of replacing my Ref 110 in the near future. I do plan on using kt120 tubes on my next retube. I would also like to compare a Ref 110 using the kt120 tubes with the Ref 150.
It will probably be a while before you can find a used Ref 150 at a reasonable price.
I did not have both amps in my system at the same time. I heard the Ref 110 a couple weeks after the VS 115. I owned a VT 100 mk3 at the time and was looking to upgrade. I took home a demo VS 115 for a weekend. A few weeks later my dealer said that he had a used Ref 110 that the original owner was trading in. I had not borrowed a Ref 110 because it was a bit out of my price range. When I heard the Ref 110 in my system I was just amazed at how good it was. It had this rightness that my VT 100 mk3 did not have. When I had the VS 115 in my system I did not get that same feeling.
Lostbears, sorry for the late thank you. Since we traded posts, I spoke with a local ARC dealer. He advised me to wait for the Ref 150 to hit the used market. As an aside, I've kept an eye on the A'gon ARC "for sale listings" and casually observe that the prices for used Ref 110s are hovering in the low $6ks, which is a bit lower than usual.
I wish the amps weren't so da*n heavy because I would like to audition the Ref 110 and one day the Ref 150 at home. Even hauling my amp to the dealer is a major PITA.