The Krell Phantom 3 was what the older Krell 280p evolved into. It carries similar audio stages to the more expensive Phamton 2 and Phantom preamps, but the power supply is undersized (as was the 280p). It is likely going to be a very revealing and bright preamp (others just do not like the Krell sound and describe it as harsh/unlistenable). This is mostly due to the undersized power supply. Their S1200 processor has the same problem. Those Class A discrete analog circuits are very demanding on the power supply. The fix is to increase the amount of capacitance in the main power supply. The Phantom 2 has a much larger power supply. The Phantom (1) has a separate power supply chassis (best out of the three).