In my opinion, the P5 phono section is good, but not that good. You would be hard pressed to find such a phono section in preamps of that price range. The NAD C165 might be better, but it has no integrated DAC.
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While the P5 is a nice preamp, IMO the phono sections in preamps in this class are just OK. Had a Parasound 2100 once and the $200 Pro-ject Phono Box S was much, much better.
And far more quiet. You could hear faint hiss coming through the speakers with the Parasound before signal. With the Pro-ject, quiet as a graveyard.
For $300-$500, there are many models that will smoke the P5's phono section.