Not in a high efficiency system, but I have both preamps (CAT Ultimate Mk I and FS Presence Deluxe Mk II 4.0) and if you've read all the posts on the comparison of these two, you have probably been reading a lot of my responses on threads. With my Vandersteen 3A Signature Speakers (86db-87db sensitivity) and Pass Aleph 4 amp (20dB gain), there is hiss with the CAT which can be heard at the listening position when music is NOT playing. Both are excellent preamps, the CAT exceling in the bass and up through the lower mids and the midrange. It has the best deep bass that I have heard in a preamp and a bass weight that others which I have tested don't. Excellent dynamics. It is smooth and a little bloomy. No upper frequency bite or harshness. Highs are extended and detailed. F.S. is more detailed -- not as smooth as CAT. The bass is not as deep -- at least as not in my system. What the F.S. has over the CAT is imaging and transparency, which is probably due to the difference in noise. FS is absolutely silent and gives the sense of a totally black background. CAT will sound slightly veiled in comparison to the FS. Soundstage painted by the F.S. is very wide and instruments and voices -- particularly voices -- can be more precisely located within the stage. CAT also has a wide stage -- perhaps deeper than F.S. -- but imaging is more diffuse. F.S., particularly with the right tubes, has excellent dynamics, maybe better than CAT, but not the bass. You'll need to tube roll both in order to get the best from each.
In my system which admittedly is not high gain, high efficiency, there is hiss with the CAT. It is not so loud as to be annoying and you cannot hear it at the listening position if music is playing, but in comparison to the F.S., I believe that the self-noise does contribute to one of its flaws, which is (by comparison,only) reduced transparency. Which do I listen to more frequently? The F.S.
In my system which admittedly is not high gain, high efficiency, there is hiss with the CAT. It is not so loud as to be annoying and you cannot hear it at the listening position if music is playing, but in comparison to the F.S., I believe that the self-noise does contribute to one of its flaws, which is (by comparison,only) reduced transparency. Which do I listen to more frequently? The F.S.