NIGHT AND DAY! Red Dawn is at the bottom end of Nordosts line, SPM is near the top.
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I have been told that the Red Dawn Rev. 2 is a much better sounding cable than the original Red Dawn and almost approaches the performance of the SPM for far less money. Also, I have to disagree with Ericbee. Red Dawn is not at the bottom end of the Nordost line. Only the SPM and the fantastic Valhalla are above the Red Dawn Rev. 2.
I have both Red Dawn and SPM in my system, they are more alike than different. The SPM are a more detailed cable but the Red Dawn is quite good. I have the Red Dawn Rev 11 speaker cable and when I spoke with Nordost than said the Rev 11 is probably 90 percent of the SPM and in my experience in my system I agree.
I just replaced my RD rev II 2.5m speaker cableswith SPM, and was surprised to note improved naturalness of leading transient edges on percussion. Drums sound less "poppy". Spectral tilt seems the same. I got the SPM cheap, so it was well worth it. At 2x the RD's price, though, I'm not sure I'd recommend it. I still have 3+6m of RD XLRs between Aleph P and 2 monos, and not sure if I'll bother to chase SPM there, as the difficulty of buying/selling asymmetrical pairs, and the fact that the sound is SO GOOD now precludes being more obsessive...for now. Ha!