Not famliar with the ARC but, the 390S is one of the best CD players period! It's a very neutral unit and well built.
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According to the manufacturer's website, the 390S output is 4.45V maximum balanced, which is the way to go in my opinion, at least as far as the JC-1s is concerned. As for the sound you will have to be the judge to know whether the tonality and dynamics are right. The JC-1s like to be fed by a preamp, but no doubt there are exceptions to the rule.