doesn't the gain setting used depend more on the input impedance and sensitivity of the amplifier the preamp is driving?
Anyway, what I've found to be the case is this -
If the amp is sensitive, then low and medium gain is all that is needed. If the amp is less sensitive, the high gain will produce better results.
I use LS-25MkI with Pass Labs X250.5 on low gain if I want a bit softer sound, more tubey so to speak. And medium gain when I want some more dynamics and punch. High gain in my system does not produce desired results. It only limits volume range. I am running it all balanced and my amp is 22kohms input impedance, so I think that explains the gain settings I prefer. I had my preamp drive a Blue Circle BC202 amplifier that has 200k impedance. We had to use high gain for best results. Low and medium gain were pretty much not driving the amp properly.
I really like the adjustable gain feature. That is the reason I am reluctant to upgrade to some other preamp. Besides, I think the LS-25 even with EH tubes sounds great. If you pop the right set of NOS tubes in, it sounds even better.
I would think the MkII will be more resolving than original with better dynamics and bass definition though.
ALso, No_money, if you could, breifly comment on the differences between Ref2MkII vs LS-15. Appreciate it.