Usually output voltage and gain.MM/MI can be amplified quite easily.
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The capability to adjust the resistance (MM) or capacitance (MC) if you intend to fine tune your cartridge/system match is very important. Especially with MC cartridges. A lot of phono pre's, especially the inexpensive ones do not provide this. And, especially with tube units, make sure it has enuf gain to match your cartridge or you might be plagued by tube noise when runing low output MC's.