Remember, I will be referring to the C 162, not the current production C 165. If the NAD C 165BEE is better, which wouldn't surprise me, then it ought to make most of us pretty damn happy, I think.
Bottom line: I love it! I had been using a Rega Fono Mini, which I liked a lot, as well as a Pro-Ject Phono Box S, also good, and the phono section of an Audible Illusions 2C, but the NAD preamp has an ease and expansiveness that is beguiling in its own right. While listening to the MM section right now, using a Grado Red1 with an 8MZ stylus. The gain of MM section of the NAD is about 1/2 to 2/3 of the outboard boxes, if that is important to anyone. I turn it up to about 12:00 o'clock for "serious listening." My Grado MI is typical, in that it seems to put out a bit less voltage than most MM's.
MM is ultra quiet, btw. It's just a touch on the mellow/warm side of things without being too dark or soporific (or maybe I'm finally hearing the Grado like it's supposed to sound?). I listened to some classical music including some Gregorian chant on a Philips record. I was hearing details I hadn't heard before, and there was a blackness to the silence that was new to me, too. I just tossed on Black Sabbath's Vol4 to see how a typical rock record might sound. Very appealing! Good depth to the soundstage, properly heavy.
Switched to MC, installing my trusty DL-103. Volume is just as loud as the Grado with the volume pot at about 10:00 o'clock, so obviously there's plenty of gain in the MC section. More important, there's almost no noise, which I can't say is true of the Audible Illusion's 6DJ8 tube section (MM). The AI might have a tad more magic, but really, I'm digging the NAD just fine. Can't wait to try my DL-103D when it gets back from SoundSmith in about eight weeks. :sigh: One thing that surprises me is that I can't really say if I prefer the Denon MC or the Grado MI right now. They both have their different flavors, but both make music that you can get lost in.
I feel like I can listen a long time tonight. I feel like I can be very happy with this setup for a long time, though I might be getting a pair of Barzilay Econowaves tomorrow.
One other thing. I noticed a little "haze" or "grunge" when I first set it up. I was pretty disheartened, but then realized--yes! noooo!--my music server was the culprit. The computer is now banished to the bedroom. So the NAD has shown me resolution, good and bad, I hadn't heard before.