Hi Peter, have just purchased the Rega Fono Mk2 after using a number of other phono preamps over the last 10 years including the NAD PP2 (good start), Azur 640p (only tryed 2 days), Graham Slee models (excellent) and my home made model (excellent plus!) which I have been using for the last 3 years. I would not recommend the purchase of this model and use in stock condition, I think it is overall better than the Azur 640p however not as good as the Graham Slee higher end models and other higher end phono preamps. After purchasing the Rega Apollo-R and hearing how good the output stage sounds in this CD player I took a chance in purchasing the Rega Fono MK2. My intention was to modify the design to exceed my home made model. The Rega Fono MK2 is basically a great phono stage except for a couple of minor design issues and the selection and quality of the components. Rega Fono MK2 original parts and new parts; First stage discrete surface mount circuit 1uF polyester input capactors -> 1uF EPCOS B32529C105J blue polyester film cap (these may already be installed) 100pF 63v loading caps -> 220pF 630V Evox PFR5221J630J film-and-foil caps (630v is much better than the 63V Evox caps) 10uF electrolytic ground reference bypass cap -> 22uF 50V Nichicon FG All 0.47uF polyester caps -> 0.47uF EPCOS B32529C474K blue polyester film cap (these may already be installed) Second stage op-amp circuit 0.47uF polyester input capactors -> 1uF EPCOS B32529C105J blue polyester film cap 10uF electrolytic and feedback bypass -> 22uF 50V Nichicon FG 10uF electrolytic output caps -> 22uF 50V Nichicon FG 100pF 63v RF output filter caps -> 220pF 630V Evox PFR5221J630J film-and-foil caps (630v is much better than the 63V Evox caps) 10uF electrolytic ground reference bypass cap -> 22uF 50V Nichicon FG NE5532 SM dual op-amp -> AD8620BRZ SM dual op-amp All 0.47uF polyester caps -> 0.47uF EPCOS B32529C474K blue polyester film (these may already be installed) All 33nF polypropylene caps -> 33nF WIMA FKP2C023301L00HSSD AC and pulse film caps (these may already be installed) Power Supply All ceramic SM power filter caps -> 10nF NPO COG ceramic SM caps All 0.1uF polyester caps -> 0.1uF EPCOS B32529C104K blue polyester film caps (these may already be installed) OK how does it sound, the Rega Fono Mk2 now has the high quality, musicality, smoothness and intricate detail of the Graham Slee phono high end preamps. It also has a huge and wide-open sound stage, great dynamics and punchy and powerful low end bass. All my records, as in my own phono preamp design, now sound great on the Rega Fono Mk2. It brings out the best in all of my LPs.