I would pick the Levinson over the Krell as the N805's may not take full advantage of the "Krell Bass". If I were you I'd look at something from Jeff Rowland.
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The retail markup on high end audio is 40%. To deserve that they should allow you to a/b them. Otherwise just buy them BOTH on the used market for the same price, then sell one of them. I didn't care for the fpb200, but I will also note I heard it with a mismatched mid-fi denon cd player. Hash in Hash out. Ya mon.
The Levinson 334 is a GREAT amp - it has excellent bass and sounds somewhat analog in the mids and highs (the best of both worlds). It is also a very good match with B&W speakers. To me the Krell is more 'digital' or harsh sounding (I have not listened to the Krell with B&W speakers). These are my impressions, you should listen and judge for yourself - preferably in your own home. Perhaps each of the two dealers can lend you a 'demo' for a couple of days so you can compare them. Most of the high end audio shops by me (Chicago) offer demo listening periods before buying. Good luck.
The current 300 series Levinson is the best that they have produced. Levinson in my opinion is a more relaxed delivery of sound than Krell. The music will emanate from behind the speakers. The Krell will be a bit more forward and definitely more dynamic. Some of the Krell comments seem to be of the older models. If I were you spending this much money on an amp, find dealer that will let you demo them. Also, listen to the Audio Research VT100 mkII. I've heard them with 805s and the sound was awesome. Good luck exploring.
I recently auditioned a ML336 and FPB300 in my system (Thiel CS7.2s) and found the ML336 to be much more refined sounding then the Krell, is capable of delivering stunning bass, has a huge and focused soundstage, and has a more consistent tonal quality. I think the comments in the above post are accurate relative to the ML having a more relaxed delivery vs. the Krell's more dynamic delivery. While the Krell does sound more dynamic I wouldn't characterize it as 'much more dynamic'. At this price level the dealers should allow you a home audition. I wouldn't purchase either one without one.
I have a ML332 with B&W 801's. It is a great combination. If you like a detailed, forward more analytical sound go with the Krell. If you want smoother and more resoultion and more refined go with the Levinson. I listened to both before buying and went with the Levinson. I live in the Chicago area and both dealers were willing to let borrow them for a weekend. I was even fortunate enough to get them the same weekend (pure luck). Listen to them both carefully before buying. Good Luck