First off, thanks a bunch to @k4rstar and @BarryT for setting up this loaner tour! Barry can correct me, but I believe this is still a late prototype model where it runs a wall wart feeding the phono stepped down AC voltage. I used the Black Swan with my Soundsmith Zephyr MIMC Star (low output moving iron) cartridge on both the MC input as well as on the MM setting through a K&K SUT. Most impressions would be made relative to my Soundsmith MCP2 phono. TL;DR: The Black Swan has many tube qualities with a wonderful 3D presentation, great sense of air and wonderful microdynamics without trying to sound "tubey". Areas to be improved: low end grunt and noise at higher gain settings. I really enjoy the phono and likely will buy one when it goes to production. The ability to fine tune your loading both resistive and capacitive were greatly appreciated; even though I had the ability to variably adjust resistive loading on my phono already, the capacitive load adjustments really allowed me to dial in the response for my system. The Black Swan uses the same current mode gain cell that the Black Amp and the future speaker amp will use that is comprised of many high bandwidth devices run in parallel with zero feedback. This gives the Black Swan a real sense of space and microdynamics usually seen in low/no feedback tube amps with a slight timbral warmth/thickness. The MCP2 by comparison stages pretty flat and has a leaner, cleaner, speedier and slightly more detail resolving sound, but lacks the life that the Black Swan brings. I would say the biggest drawback of the Black Swan is lack of grunt down low, it lacks both bass quantity and speed throughout the range to make it really satisfying on music that can already be pretty light on bass. I found noise acceptable on both the low and higher gain settings I had to run (somewhere between +30 and +40 on the dial), but found it much more enjoyable from a noise perspective running lower active gain combined with passive SUT gain. This came with a few stage drawbacks, but on my horns the hiss was somewhat noticeable at the +40 setting in quiet passages. I'd be willing to use a larger box if this could mean a bit more PSU filtering or more localized energy storage. I think we have a potential winner on our hands with the AAW Black Swan and hope that some of the issues could be ironed out as well as a nicer/larger case to better justify its projected $1500 price tag. The adjustability and current mode gain cell is definitely something as many people should get their ears on.