Hi Doug, I was going to mention the transformer loading thing, but I didn't want to confuse him, since he's not using one.
Since you ask, and I'm not an electronics engineer, I'll offer my opinion as to why the transformer loading is less than the direct-input loading.
I think that the transformer presents a different set of characteristics to the cartridge, than the phono stage does. The transformer has a reflected impedance which is not only determined by the loading resistor, but also by the windings themselves, and the turns-ratio corresponding to the amount of gain in the step-up of the transformer secondary, and also the load that is connected to the secondary(usually 47k ohm). Thus, I conclude(whether incorrectly or correctly) that the actual loading(that the cartridge "sees") is not different, but the loading resistor that you select(to achieve that load) is different, due to the other factors that are present in the transformer's impedance characteristics. So you wind up with a similar load, but use a lower value resistor to do it.
That's my best shot at it.
BTW, I use the 40 ohm load on my Cotter Mk2 with my Shelter 501, and it kicks butt.
Since you ask, and I'm not an electronics engineer, I'll offer my opinion as to why the transformer loading is less than the direct-input loading.
I think that the transformer presents a different set of characteristics to the cartridge, than the phono stage does. The transformer has a reflected impedance which is not only determined by the loading resistor, but also by the windings themselves, and the turns-ratio corresponding to the amount of gain in the step-up of the transformer secondary, and also the load that is connected to the secondary(usually 47k ohm). Thus, I conclude(whether incorrectly or correctly) that the actual loading(that the cartridge "sees") is not different, but the loading resistor that you select(to achieve that load) is different, due to the other factors that are present in the transformer's impedance characteristics. So you wind up with a similar load, but use a lower value resistor to do it.
That's my best shot at it.
BTW, I use the 40 ohm load on my Cotter Mk2 with my Shelter 501, and it kicks butt.