Wow, you know what? The last time I ran a reference track through ARC 2 was before I put up my side/ceiling panels AND before I replaced the MoPads with Recoil Stabilizers. I'd listened to some tracks through iTunes after installing those things, and of course it sounded better, but the only music I'd played through ARC 2 were my own mixes in Sonar.
So, I just ran some reference tracks through ARC 2 in Sonar and I must concur that it sounds much better with ARC 2 than without. Tight bass, clarity across the sound field, better stereo imaging, no more mud or upper-mid honk. This tells me two things: 1) I'd gotten used to the way my monitors/room used to sound, and 2) my mixes sound like ****. :)
Oh well, I knew that already, which is why I installed treatment and bought ARC 2 in the first place!
So, I stand corrected. Thanks for the feedback, everyone, and I'll say this: ALL of you were right! ARC 2 is not a replacement for acoustic treatment (nor is it intended to be), but it can certainly help.