NAD PP2 or Project Phono Box MKII

Neither. The Cambridge 540p is a bit better. I tried the PP2 in direct comparison and the Cambridge was fuller, more body, not as thin as the PP2.

I think the Project and the NAD retail for about the same amount and my first jump would be to the Project.The Project is a more recent design and the inside componentry is bluntly..superior.Having said that,the NAD runs off a DC supply and if you like the idea of using a regulated supply which you can use with the NAD i.e 24V 1amp DC,this lifts it's performance markedly.The Project uses an AC supply.The Cambridge is a little more expensive(640P?)so I would expect the extra cost would translate to performance.

There is a Cambridge 650p and a 540p. The 640p has MC capability. Within the same price range as the NAD, etc is the 540p, which I had, and liked much much better.

For a few $ more above preamp is hard to beat. It includes ability to use LOMC and a rumble filter.