What does REFERENCE mean?

An extra 10 grand!

Thanks for the clarification. It seems like reference would refer to an established common standard but I suppose it is confined to one's own established standard.

It is what you use as a "reference" to judge other things. Speakers or other equipment, recordings, cables or anything else. Exactly what the name implies.

Basically it's a marketing term that may or may not have any real meaning. Anyone can stick "reference" on their product as there are no rules, regulations or criteria (that I'm aware of) for its use or meaning.
However, I believe most audiophiles would agree that true "reference" products have existed in the past and currently exist. But I think what was once a reference product, say in 1965 or 1980 is probably not one today.

Michael -

the term reference means a product that exceeds any previous standard w/in the same catagory.