I am a CAT Ultimate owner and I auditioned the Hovland for the first time last Saturday. I found the Hovland to be very neutral, very smooth. Its dynamics are present, but not world class like the CAT. Its midrange was quite liquid and it showed very good presence in the mids but still less than the CAT. It did throw a decent soundstage both side-to-side and front-to-back but significantly less than the CAT. It did have a beautiful high end which was better than the CAT. It is not bright but it is right up to the limit. It is extremely detailed and the highs sound "spotlit" in a most engaging and attractive way. The deep bass performance of the Hovland is disappointing. On my deep bass test, the Hovland did not really move air. If solid deep bass is important to you (40hz and below), you will find that this preamp cuts off those frequencies. All in all, do you have to ask which preamp I found to sound better?