From what I have heard and read it is excellent! I would purchase one in a heart beat if I had the $ :-).
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I recently purchased a Presence Deluxe Mk II. It is very, very quiet, and unbelievably dynamic. It is very spartan however-no remote, and no phono-but it simply blows my old AI Mod3A out of the water.
My only complaint; I would love to see a few more steps on the volume control (a problem with a lot of other pre's as well). Other than that, it is fabulous!
Audition one if you can, you won't be disappointed.
I was using a presence in a cd only system and tried the EVS passive attenuators $250.00 that mount on the back of the amplifier. After only a few moments of listening, I realized that the passive unit, while not possessing the tube sound, was more transparent, detailed, and extended as well as having more dynamics and "ease". The presence is an absolutely wonderful active linestage, but for cd only with 2v output, was no match for the passive. Simpler signal path is the way to go for cd-only