Well, not all valve amps have rotten numbers and large amounts of even harmonic distortion; it depends on whether it's a Single Ended or Push Pull amp, and on how much Negative FeedBack is applied in the gain stages of the amp. Usually low cost valve amps don't have more than a driver stage and an output stage, so they won't have many NFB loops. Also, Push Pull amps cancel out even harmonics with valves, just like they do with transistors, leaving primarily odd harmonic distortion.
Looking at the complement of valves, the unit in question is a Single Ended design, rather than a Push Pull, which definitely accounts for the numbers. If you're unfamiliar with SE amps, take a look at
http://www.hometheaterhifi.com/maste..._toc_main.html
(you'll have to click on "Product Review - Bottlehead Paramour Monoblock Single-Ended Class A Triode Tube Amplifiers - April, 2001"
That 5% number is at clipping (the THD is usually less than that), and the amp looks like it's got a passive preamp, which usually results in somewhat lacklustre bass, but a wonderfully clean and transparent sound overall.
My only problems with what I saw in the ad were 1. I haven't found the 6BM8 valves that it uses yet, 2. I don't have the schematics for the amp or the specs on the valve yet, so I can't determine how stable the little guy is with ugly loads and 3. I can't afford one for a couple of months!!
Thanks for letting me know about this neat little amp!
Hopefully I didn't put anyone to sleep with this post!
Enjoy your music,
Morse