02-21-11: Swampwalker
Paperw*- Nothing that you have said is incorrect but you have neglected the attenuation/gain (if active) provided by the pre-amp, which then is added to the gain of the amp. That can result in excessive overall system gain which results in the user having to operate his pre-amp w excessive attenuation which can have negative effects on the sound. The speaker/amp interface is not usually a decision based on max gain provided by the amp vs. speaker sensitivity, and room size, source output and volume preference all vary. Therefore, god in her infinite wisdom invented the pre-amplifier. Some have adjustable gain for each input.
what i am stating is that if you manage the signal levels at the input of the preamplifier, the gain of the preamplifier is largely irrelevant [i appreciate that there is a gain relationship between the input sensitivity level and the maximum output level from the preamplifier]. that is why i am stating that you should look at the signal levels from the sources and the input sensitivity of the preamplifier and manage the problem at the input of the preamplifier. in the case of a phono source, you want to adjust the gain of the phono stage so that the phono preamplifier provides an input voltage level that hits the input sensitivity level for the preamplifier. on the other hand, if you have a source that produces a "hot" signal (like the CD that you mentioned) that is way above the input sensitivity, then the adjustment is to reduce the signal level at the input of the preamplifier. that's what an attenuator would do. some preamplifiers have trimming resistors that allow you to accomplish the same thing on a per-input basis. for my own part, i have never made use of an attenuator but YMMV.
the problem with the focus on gain as a selection criteria for a preamplifier (and, btw, i would expect that the input sensitivity of the preamplifier would vary according to the gain) is that if you select a gain level based on a "hot" signal, then the other signal levels are likely to be below the input sensitivity level for the preamplifier. in that case you are more likely to experience degraded signal to noise ratio for those weaker signals.
as i stated, you also want to make sure that you know what the minimum input impedance the preamplifier needs to see in the amplifier, which is something that you should be able to get if the manufacturer supplies good product specifications. but, in practice, i think impedance matching is rarely an issue. yeah, i suppose you should check the input sensitivity of the amplifier for completeness, but power amplifier input sensitivities tend to run between 1v and 2v, so i would rarely expect that to be an issue either. but, of course, it is always a good idea to check this stuff just in case...
the point is, if you ensure that you provide appropriate input signal levels to the preamplifier from the sources, you are not likely to have a problem in providing an appropriate input signal level to the power amplifier from the preamplifier. then the task becomes one of whether the amplifier is up to the task of driving the speakers. but if you have to take on the amplifier-speaker interface issues from the preamplifier, then you've probably got some problems in your system in general.