Ralph's assertions are not entirely correct. While there may be a propagation delay associated with feedback, if the designer knows what he is doing, global feedback can remain useful in circuits that operate in the hundreds of MHz, which is far, far, far higher than anything we can hear.
It is also true that global feedback can enhance certain harmonics, but it should also be pointed out that this is related to the amount of feedback applied. Ergo, altering the amount of feedback will in many cases solve the problem, and that may sometimes entail less feedback, sometimes more.
I have designed multiple phono stages, some with feedback, some without. My experience has been that different circuits benefit from different amounts of global feedback, and that the designer should use his ears as well as as measuring tools to determine the correct amount of feedback. Sometimes the proper amount is 0dB, and sometimes the proper amount may be 60dB. It depends on the circuit topology and how it is built (and in some cases what the operating environment is like).
For the non-engineer audiophile, I would recommend forgetting the preconceptions and using your ears to decide whether a given phono stage is a good one or not.
I would say that the technical capabilities and aesthetic sensibilities (including hearing abilities) of the designer play a much bigger role in successful phono stage design than what kinds of technology that it uses.
hth, jonathan carr