I have Ref 2 SE and prefer so far its low gain setting with my current cartridge (a Transfiguration Phoenix, 0.4mv). Compared to high gain, low gain has considerably better tonal seperation, more refined soundstage and has more neutral and realistic presentation, it is more relaxed too. Soundstage and objects are thinner at high gain and less detailed highs (I use balanced output so 74db vs 51db). The pity with low gain is I need to increase volume level on Ref3 preamp considerably higher, even if I have not initially preferred to push volume on preamp and tried high gain on Ref2 SE, I always ended with switching to low gain. I am not quite sure if low gain is superior to high gain on Ref2 SE or 74db is too much gain for 0.4mv cartridge output. I am not decided yet but close to buy new flagship cartridge of Transfiguration (Proteus with 0.2 mv output) in this case there is no option but to use high gain stage of Ref2 SE. So if the current issue is due to too much gain on 0.4mv this should be corrected due to 0.2mv cartridge replacement. If high gain is inferior to low gain regardless of cartridge output, then I will look to get higher output mc cartridges as alternative (Clearaudio etc) or look for another phono preamp with better high gain.