$725 is a fine price, but the PHA-3 has been usurped within Sony by the Asian-market PHA-2A (not to be confused with the PHA-2). The PHA-2A delivers roughly same specs as the PHA-3, but features the newer Sony proprietary 4.4mm balanced output. It also can be had for $450 on Amazon US, with free two day shipping. Honestly, even if the PHA-3 were $450, I think the PHA-2A is the better buy... I really like 4.4mm balanced.