My opinion is that it is still an excellent-sounding preamp, though I personally think the Lamm is a slightly better-sounding unit, having the musicality that is the LS-5's strong suit but just a little more clarity, dynamics and low-level detail (going from long-term aural memory here; there are updates available for most ARC products that might improve its performance in these areas). Of course, the Lamm is a single-ended unit and the ARC is an all balanced design, so that might make up your mind about them. I will say that these two products are cut more from the same sonic cloth than one might think, given ARC's "high-resolution" reputation from its line of statement products. I'll also say that newer does not necessarily mean better in preamps--some of the finest circuits in preamps haven't changed for years, and the trend among a lot of manufacturers to dig out more and more detail does not always equate with more musical involvement. You just happened to pick as a modern example one of the few modern preamp/line stages out there that I think honors the music as well as the source feeding it.
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I have an LS5MKIII which was modded with Infinicaps and also a removeable IEC PC. I tube rolled to Kevin Deal's type 3 6h23EBs.
Haven't compared to anything since I got it years ago but from what I read, it is highly regarded AND with my mods I think a step beyond that!