Nsgarch ,
Thank you for that explanation. (Nods head sagely, giving a plausible imitation of complete understanding.) Even your digressions were informative.
My limited experience with three MC gain stages and a half dozen MC's largely confirms your >= 25x guideline. In only one case did a lower value (about 19x) "seem" best, but even then the combination was not happy, probably due to tonearm/cartridge issues. That cartridge obeyed the 25x rule when used on a more compatible arm.
My present setup works best at about 56x (225 ohm input impedance/4 ohm cartridge). 25x is too low. The highest my MC inputs can go is 375x (1500 ohms) and that is clearly too high. The 47k of a MM input would be far too high, aside from the inadequate gain.
Obviously your guideline and explanation assume the cartridge is driving a voltage gain device. If a stepup transformer is the first thing in the circuit, the reflected impedance seen by the cartridge will need to be well below 25x.