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In early 2000, the British magazine <I>The Economist</I> published a lead editorial addressing America Online's acquisition of media giant Time Warner. In the editors' view, TW was a clunky, old-style media company that needed a fresh injection of dot-com blood to help them reach a more narrowly targeted audience. "Sex, shopping and violence," the editors wrote, echoing Internet visionary George Gilder, "...are what people have in common. What differentiates them is their enthusiasm for folk music, tropical fish, or Viennese waltzes."

It didn't seem like such a big deal. After all, when designer Kevin Voecks added a passive radiator to the bottom of Revel Loudspeakers' powerful <A HREF="http://www.stereophile.com/loudspeakerreviews/90">Ultima Sub 15</A> subwoofer, no one expected that the resulting 6dB increase in bass output below 35Hz would be so audible. However, Revel's sophisticated double-blind listening tests (described in my review of their flagship <A HREF="http://www.stereophile.com/loudspeakerreviews/96">Ultima Salon</A> full-range loudspeaker in the March 1999 <I>Stereophile</I>, revealed that a big change had occurred. With now twice the radiating surface, the modified Sub 15 produced significantly deeper, more powerful bass.

Stereophile's "Products of the Year," now in its 13th year, recognizes those rare components that prove capable of giving musical pleasure beyond the formal review period. These are the components that can be recommended with no ifs or buts, that will grace any system in which they are used.

<I>Stereophile</I> is proud to present the first edition of its new free monthly eNewsletter. The first Monday of each month, <I>Stereophile</I> will publish exclusive content for readers who either opt in with a subscription or sign up using the online form.

With its new Walkman music player, Sony has broken with its tradition of promoting its own proprietary formats. The NW-HD3 will let users import and export tracks in the MP3 format, a concession to the format's near-universal popularity and an admission of the failed appeal of Atrac, Sony's own music-playing software. MP3 compatibility should give the player appeal to a wider audience than a Sony-only machine.

A friend recently explained that he favors "chance and luck when choosing components." Do <I>you</I> think a little unexplained audio mystery a good thing? Do you like to carefully study the physics of your room and the technology behind the components, or do you prefer to go with your instinct for good sound?

Mastering engineer Denny Purcell let out a long sigh. "Does anyone in this room believe that any of this is going to do any good?" he asked. Of the eight or nine people&mdash;each with decades of experience in the music and/or audio industries&mdash;hanging out at Georgetown Masters Studios for SDMI's Phase II listening tests this past October, not one said "Yes." The consensus: the <A HREF="http://www.stereophile.com/asweseeit/2002awsi">watermarking issue</A> will probably be dead and forgotten within a year.