Ayre Phono P5xe settings low / Med / High ?

What Lewm said. In my experience, gain matching between the phono pre and the cartridge is a vastly overlooked issue. Even a few dB of unnecessary gain can result in a sound that is edgy, harsh, and overall fatiguing. I'd start with the lowest setting and if it provides enough gain to get sufficient volume with a good rotation of the volume knob, leave it there. With an output of 5 mV, I have no doubt the lowest setting will be more than enough.

From the manual:)

Suggested gain settings are:
Cartridge Gain Gain to Out
Output Setting Bal/Unbal

> 3 mV Low 50/44 dB

1 – 3 mV Med* 60/54 dB

< 1 mV High 70/64 dB

Yes...the less you ask from a pre, the better the sound....its a balancing game. My cart is low output so I have to use more gain from the pre, but its worth it because I have a really good cartridge.