Agreed. I think if you've got MM only, probably not worth it. It does have some nice features--balanced XLR, switches on the front for MM/MC, rumble filter, and mono/stereo. It also has a 40/50 dB switch for MM, which I actually use and set to 50dB (can explain more if you really wanna know). If you need all that, I think it's a great option. It's bigger than most phono preamps, but I actually think it looks great.I have a NAD preamp that has a internal phono preamp. I was thinking about buying a Parasound external phono preamp to see if it improves my sound compared to what is in my NAD. As long as I stick with my mm Grado cart. it seems that its not worth spending $500 for the Parasound. Perhaps if I had a MC cartridge that the NAD does not support it would only be worth it at that point.
I've been demoing it for almost 2 months now and have been happy, but it's going back and I'm getting the iFi Zen Phono, which actually does most of what I mentioned above for less than half the price.