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Hi Mantis007. My local dealer is an Audio Research dealer. Prior to the availability of the REF 210, he ran the VTM 200 in his "reference room" quite often. He has run the REF 210s in the "reference room" for the past few years. The problem with me making the comparison for you is that the speakers used are entirely different. Back when the VTM 200 was used as the amp, the speakers were Watt/Puppy 7 and since the REF 210s have been used, it's the Maxx2 or now Maxx3. That said, I think the REF 210s are in a whole other league. The biggest difference that I remember is the space around instruments; MUCH better on the REf 210. VTM 200s are excellent amps. Good bass, excellent mid-range, smooth treble.
I went from VTM200s to Ref 210s last summer. Everything else was the same for at least a few months. I had a Ref2 II for a pre amp at the time and listen mostly to vinyl.
Main thing, the 210s are simply cleaner top to bottom, more air on top and tighter on the bottom. Revews say the 210s sound a bit more like tubes and I would agree.
Both have noisy fans, throw a huge soundstage and hit low notes very well for tubes. Both are very versatile for all kinds of music and HT IMO.
The 210s are more expensive but there is a clear difference that leaves me with no regrets. It would be interesting to try 210 output tubes in the 200s if possible. ARC OEM tubes were different variations of the 6550.