Ken, some times ago i had a chance to compare CD9 with RefDac (+ CD9 as transport) on the same system and both sound more or less the same. RefDac has wider range of features like streaming from the NAS. If you plan to have Pre from ARC on the level of Ref5SE it would be no differences, if you want to have system with higher level pre or newer one like Ref6 you can have better sound (maybe).
After the testing i bought RefDac, I am very happy and maybe upgrade it when REFDac MK2 would be available.
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