I don't have a Reference One, but I have owned and do own a number of Stu's cables and have found them to be a good value for the money.
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Over the past 90 days, I have gone from trying one of Stu's reference power cords to replacing all the cables in my system. The results have been nothing short of amazing. The 30 day return policy that Stu offers makes this a no brainer. I am just about to order some of his interconnects to try. If they are any where near as good as his power cords, then this would represent one of the real finds in audio.
Sherod...I have three or four pairs of the MAS Black. I bought them way back when Stu lived in Pennsylvania. They are mostly on my HT system now. I agree they are pretty neutral and smooth for a small price.
("MAS" is "Music and Sound" that I mentioned above)
Those gray cables Audioparts are selling for $60 were the cable that was a step above the Black back in the MAS days. They are similar in construction, just a higher gauge wire I believe.
There was even a really inexpensive Blue cable also. I have one pair. I think I paid $25 from Stu. They were a good upgrade from OEM plastic cables for those who just wanted a solid connection.
The Cable Company use to MAS cables.
Here at the link is an old Soundstage review of the Kimber Silver Streak by Todd Warnke. Keep reading and it goes off into a tangent in a couple places singing the praises of the MAS Black and the MAS PowerMaster AC power cord from that period.
Here is part of Todd's comments...
"the MAS Black, in my system, offers even truer sound. In fact, when I first tried a pair it taught me a very good lesson. On first listen I dismissed them simply because they had no obvious sound! Fortunately, I have learned since then, and the MAS helped in that education of finding a truly neutral cable.."
The Black was also sold as a speaker cable. It was popular with owners of electrostatic speakers.
The Gray cables he still has (those $60 ones on the website) are not as neutral, but in a good way for some equipment. The mids and highs are a litte more forward and enhanced from neutral. I believe that internally they are the same wire as the Wadia digital cable I mentioned above.
I own an Audio One Reference power cord now for about 4 years. My cable came with a corrugated jacket that looks more like a hose than anything else. Anyways, the cord has a very articulate midrange that extends nicely in comparison to other cables. The second most important character is the bass. It's fast, deep and tight. The highs are not the most extended with hardly any decay. In addition, not the biggest soundstage but deep with a very quiet black background. I believe this is a very good cable for the money. I have mine on an Eastern Electric MiniMax preamp.