Reference 40 is a digital cable (in this instance). I'm assuming the Audio 2 you refer to is an analogue cable. Although its probably a decent clue as to how the more expensive ranges will perform, I'd treat them separately for the purpose of a comparison. For example just because you don't like the sound of the digital 'Reference 40' cable doesn't mean you won't like its analogue equivalent in the range.
No one sets out to make a bad cable but they certainly can have very different effects on different systems. As you point out also depending on where you place them.
For example you will want a very neutral cable between pre and power amplifier, however you may want a slightly darker/more laid back cable between CD player and preamp, especially if your CD player is a bit bright or 'digital' sounding.
System 1: - Amp - Musical Paradise MP-701 mk2 - Neurochrome 686
- Source: Audio Technica LP-5 - Custom 6V6 stage - Novafidelity X30 - Soekris 1421 (LPSU) - Custom TDA1541 C3G DAC -
- Speakers: Martin Logan Prodigy's - Subs: - REL T3's -
System 2 - Amp: Musical Paradise MP 303/Custom 300B SET - Custom 6SL7 Pre -
- Source: Pioneer N-30K - SONCOZ SGD1 -
- Speakers: Loth X BS1's - Sub: REL T3 -