Onhwy61, if you want my opinion, keeping in mind that our preamps have a patented direct-coupled balanced output...
We solved a major problem facing tube preamps with that patent. It means that we can build a tube preamp that is flat to 1 Hz and can drive 32 ohm headphones directly, without additional circuitry for the headphones (other than the connector). So its my opinion that when you get into preamps that have that sort of price tag, you a paying for eye candy- really nicely machined, nicely finished and often very thick metal work to house a circuit that otherwise might be found in a preamp that costs 1/2 or 1/3 as much.
However such a budget does allow for more ornate switching schemes for the volume control and inputs and perhaps a few other things...
Now in our case we are already using custom materials for our circuit boards (to reduce dielectric effects of the board material) which is also extra thick (for the same reason). We have custom-built resistors, V-Cap Teflon caps, custom-built wire, proprietary regulators, the whole thing is balanced differential from phono input to line stage output with only 3 stages of gain in that path. In fact we set up the standards for how you connect a phono cartridge (which is a naturally balanced source) to a balanced input. We figured out how to do differential equalization and deal with a host of other issues, simply because no-one had done anything like this before we did. And that patented output does allow such cable control that if you set things up right, you will not be able to hear the difference between a cheap cable and a very expensive one (and it can drive over 100 feet of cable with no problem)! Overall its a pretty tweaked out preamp that has been refined over a 22-year period. So I don't think I could do your question justice with a casual answer.
