Gerardff, you pose an interesting question. At one time, step up transformers seemed to have been somewhat of a mixed bag, according to the reviews I read from several years ago. There were problems of hum pickup which required the transformers to be moved around to find just the right spot. And they apparently could sound harsh or edgy due to ringing in the high treble.
I think that transformer technology must have taken a major leap forward during the past few years based on two observations. First, there are suddenly a lot of preamps that use built-in transformers for MC inputs instead of tubes or FETs. These include the ARC Reference, the Hovland, the Cary, the EAR and (I believe) a Rowland transistor phono stage. Second, a friend has recently purchased a Jensen transformer to use with his tube phono stage, and he reports that it is easy to place and does not have any hum pickup whatsoever and no ringing or harshness at all. (This could be due to internal double shielding.)
The big advantage of the step-up transformer, of course, is that you eliminate an active gain stage at a very critical point where every bit of noise or distortion the active stage may add will be amplified thereafter. Without doubt, the trade-offs will depend on the specific units you are comparing.