Has anybody heard the new Audio Research LS 27?

The underlying assumption here is that the Ref 5 is an order of magnitude improvement over the Ref 3. It's is not, IMHO. The marketing angle is that since the Ref 5 is a major improvement over the Ref 3, then the LS27 must be at least as good as the Ref 3. I don't believe that listening bears that out. Compared to the LS27 the Ref 3 had more inner detail and transparency. The soundstage was also more "fleshed out". Money is also important. I bought a mint low hours Ref 3 from an ARC authorized dealer for $5200. How much is that new LS27 again?? Why buy a $7K "almost Ref3" when you can purchase the genuine article for less money?

Open the case of the LS27 and compare it to the Ref 5 and Ref 3 and judge whether the LS27 is that similar to either. I bought a used Ref 3 instead of a new LS27 after comparing the two. ARC has fans and detractors and because they have been around so long they have a lot of both, something not that common in high end audio.

I answered the question in on of my posts. Evidently you missed it. Perhaps your question was more important than my answer?

High end audio is largely about people pursuing diminishing returns with ever increasing expenditures. ARC 's business model is among the least cynical in this regard when you consider that one can purchase a set of speaker cables that well exceed the cost of a Ref 5, only to have them replaced shortly by another "sonically superior" version costing even more.
It is a hobby after all and one is free to not pay and not play.

Caveat emptor. Buyers decide: The Market reacts: Companies live or die

ARC has survived for the last forty years, if it's all been a gimmick it's remarkably well disguised!