I have a M2 pre amp with phono stage in a 2nd system. As with all Audionote products they are distinctive. The phono is a good one and presents the music in a very natural and realistic way. It is well suited to playing naturally recorded music (girl+guitar, small jazz) but less good on big powerful rock and heavy stuff. The deep bass can be a little soft (or Phat).
I have not really heard alternatives apart from the cheap Cambridge....avoid it all costs, or just send me £50 as a present. One route will give you heartache...the other route me joy
I agree with with the rest of the guys. They are good but I don't think they are an all round phonostage. I have used the M8 it was very very good but the best one i have heard to date is the Allnic 1500 phonostage. It was a lot cheaper as well. Coops on the forum brings them into the UK. give him a call http://www.puriteaudio.co.uk