I tested a SUT with the Io and did not like it - sounded good at first but then I noted that it subtracted from the purity, the sound became more hi-fi, for lack of a better word. But that was with a mid level SUT years ago and things could be different now.
When you delve into the waters of the external SUT there are a lot of considerations beyond the obvious. One "gotcha" many people run into is dynamically overloading the input of the phono. It is important to remember that the numbers thrown about for phono are all typically referenced to 5cm/sec @ 1kHz so your atlas will put out 0.56mV @ 1kHz with a 5cm/sec signal. The important thing to remember is that the same signal level @ 8kHz will be 12dB hotter for a 2.24mV level (20cm/sec). Now toss in a bit of cushion in the form of a 12dB of headroom and you might see a nearly 9mV dynamic peak from that cart. Now consider what happens when you put this 0.56mV signal into a 1:20 SUT and the nominal 1kHz level is in the 10mV range and the dynamic HF peaks are in the 160mV range. That 160mV @ ~8kHz will pretty much momentarily eat the input of any phono for lunch. The good news is this is just a quick transient overload so it isn't a constant nagging problem but one that only pops up occasionally. The bad news is since this overload happens dynamically it is elusive and by the time your brain senses something is amiss, it is gone.
Now back to the situation where you move to the Atlas Lambda which basically cuts the output in 1/2. If you add anything more than a 1:2 SUT you have to dig a little deeper into the available overload margin to make sure you don't start tickling the HF input limit with your peaks. This overload situation happens in the very first stage so any gain adjustment beyond bypassing an active stage entirely does not change the situation. Just because a switch allows you to get 12dB less gain doesn't also mean you now have 12dB more input headroom. With the current trend of higher output cartridges like the Atlas being paired with the typical 1:20+ SUT intended for LOMC's I see this type dynamic overload happening al lot.
A good example of this is comparing an EMT TSD15 (24Ω 1mV) to a denon 103 (40Ω 0.3mV) From an impedance standpoint the same SUT can handle either but if you use the typical 1:20 on the 103 you end up at the 5mV "traditional" MM spec. but use that same 1:20 with the EMT and you end up with a hot mess because the phono stage input is not happy with the quarter of a volt peaks it is being fed. This results in a situation where the denon owner loves his SUT and the EMT owner curses the same device. Drop the ratio of the SUT for the EMT to 1:7 and more often than not you will have a happy camper.
dave