Integrateds: Why do they all SUCK?

Integrated amps usually lack the sophisticated preamp circuitry of a good separate preamp.

I think you're onto something there. The AX-5 essentially has the KX-R volume control and circuitry. I imagine that has a lot to do with it's superb sound.

@beetlemania,

I agree with you.  You would spend at least twice the price of an AX-5 Twenty to better its performance.  I just went through an fairly exhaustive journey over the last two years.   The Ayre is a game changer for sure.  I didn't mention it since OP wanted and integrated with phono stage.  

i agree with 1markr - if you have a good pre-amp - then the amp can sound great - in my experience a good pre-amp matters more!

Not to belabor the preamp point, but many listeners have no idea what upgrading the preamp does for a system. When I was in my Naim phase, I remember thinking I needed a better amplifier, but upgrading to the next level of preamp brought the power and finesse to the system that I mistakenly thought were attributable to the amplifier. Until you actually experience what a good preamp can do, it's hard to allocate a lot of money towards a bunch of inputs and a volume control.  And that's all cheap preamps are - but good preamps do much more.  And you pay for it.  

Accuphase E-470 with phono option board and DAC option board. Paired with my ATC HTS40's, I can hardly imagine a more refined, sophisticated and musical component.