Technically it's not saturation, since the preamp is still putting out voltage and actually gets cleaner as voltage goes up, but that's not the real point. It's likely distortion from the amplifier making its way back in--a problem Denon has still solved only by forcing you to disconnect the amps internally. But who buys this for preouts? They buy it for the included amp, which is objectively appears to be one of the quietest and very best of its kind for the price. And Cambridge appear to have made that even better in this iteration, surprisingly. (That said, a Yamaha is still just as quiet, includes phono, and is slightly cheaper. But maybe this has some other features that give it a leg up. I haven't looked at the featuresets all that closely.)
Perhaps. But most people know this as the SINAD site, whether that was intentional or not. And I have to think it plays a role in manufacturers ignoring what was a fair observation. I think they (along with the marketing department of any other manufacturer that bothers to look) know the emphasis on SINAD here is a race they will lose, so a review is not going to help them sell product. So why offer products for review, and why make changes that might satiate ASR when they can't "fix" their glaring SINAD "issue"? But it wouldn't take much of a refocus to change that equation. As my wife likes to say, it's a matter of tone. Here's a revised conclusion based on the same set of data, with a slightly different tone and take:
"Cambridge have usefully removed 5dB of noise over the prior iteration. This is now one of the cleanest linear power supply integrated amplifiers I have ever tested. The linear power supply will likely offer long-term reliability, and offers some useful headroom which many switching supply products do not. For those who are seeking this product mix, this is a likely to be a satisfactory and recommended combination. It is unfortunate that a phono stage is not integrated, however Cambridge does offer a very good separate phono stage which I have also reviewed favorably. That said, the pre-amp outputs, while remaining quiet and with a relatively high SNR, will have some mild distortion added over 1.6V output due to likely clipping of the internal amplifier allowing distortion back into the pre-amp stage, so gain matching may be important if you plan to use this with an external amplifier. If you need a full 2V and that mild amount of distortion on the last 3dB is unacceptable to you, or you desire something with a much higher SINAD, separates may be a better option."
That is still completely true, objective, and fair. It is not misleading in the slightest. Yet, it gets the point across without insulting the manufacturer and flaming them for a minor issue, and saying their product is "not recommended" and they they appear to have "done nothing" despite now being among the better ones in the class for those looking for something like this. With that approach, I think Cambridge and other manufacturers would both be more inclined to care about your feedback, and possibly even offer a review sample. That's good for everyone. This review is just proof they may as well not care at all. They take noise out, and get nothing for it because of an edge case on preouts. It just seems counterproductive to me.
Please don't take this as criticism. I intend it to be constructive because I do care that manufacturers make improvements to products based on solid engineering and science. Cambridge did some of that here. They pulled noise out of a product with a linear supply, which is not easy to do. Yet, they get no credit for that. Giving manufacturers credit where credit is due and not unduly chastising them for edge cases is, in my view, key to building credibility and influence with them, which I think helps the cause.