I, like Gbmcleod, am agog by what people have written about CAT preamps. I find them to be certainly among the best in dynamics, smoothness, liquidity and high frequency detail. They have stunning bass, in both depth and power. In my opinion, the bass is like nothing that I have heard from other preamps and once you have heard it, it is hard to give up.
Where I think that they fall down is in the area of low level noise, which obscures transparency and imaging to a slight degree.
This is why I spend more time listening to my First Sound Mk II 4.0 rather than my CAT Ultimate Mk I, but both are very fine products which, in my opinion, exceed the efforts of the other top brands which I have heard. Admittedly, my evaluations are prejudiced in that many of the brands which I have heard were not tube-rolled and, in my opinion, this can make all the difference between a presentation that is just so-so and one that is outstanding, but only if the preamp "has the goods".
What I have found is that it is difficult, if not impossible, to compare preamps with stock tubes. Despite what the manufacturers say, stock units do not come close to revealing what these units can do when tube-rolled.
If you are evaluating a CAT Mk III or later with stock Sovtek 6922's in V6 and V7 on line, or in phono add V1 and V2 to V6 and V7, you are really doing yourself a disservice. These MUST be replaced. I have tried a number of NOS tubes, but obviously not all, and I do prefer the Telefunken 6922 in the CAT Ultimate Mk I, like Bombaywalla said above. The EI 12AX7's are surprisingly decent sounding tubes in the CAT, but if replaced at V8 and V9 on line and if you use phono, replace the ones at V3 and V4 also, you can eliminate some muddiness in the bass that you didn't know was there until it is gone. Telefunken 12AX7's work well for this purpose.
Nothing that I have heard goes down deeper, giving both bass depth and power, a better lower midrange transition, with smoothness, solidity, liquidity and with dynamics to spare. Highs are sweet and detailed and extended. High frequency decay on the CAT when a cymbal is struck hard is exceptional and with these tubes, there is no brightness or forwardness anywhere.
Yes, the First Sound will stun you with its much lower noise floor. Yes, it will stun you with its "you are there" transparency. The small and well-defined images in the soundstage cannot be achieved on the CAT and the female vocals on the First Sound are truly exceptional in their up-front intimate presentation, but all this again, is only achievable after tube rolling.
Nothing is better than hearing the CAT properly fed go full out on music written for pipe organ. If the rest of your system is full-range, or nearly so, you will rattle the windows like few other preamps are able to do and yet you will hear all the subtlety and delicacy of the small trupets and whistles that pipe organs can also play, presented without any non-musical artifact When all the pipes get going in unison, you might feel that you are in church or that you are taking a tour of the great churches of Europe.
So my answer is an unequivocal no as to whether the CAT is just "very good" or lacks dynamics -micro or macro. Yes, it has been surpassed in some respects, but in overall presentation, it is worthy of very high praise indeed.