How important is the pre-amp?

So in the end, would a high quality integrated be the best way to go (assuming one likes the sound of the unit) due to one less pair of cables, electrical cord, etc?

In the end, yes. Because what the separates proponents always leave out is the cost of all that other stuff you mentioned- "cables, electrical cord, etc". Also the single biggest cost factor in a component is the box- the chassis, faceplate, knobs, etc. The "real estate" mentioned above. Every component manufacturer has to turn a profit, money spent on the box is money not spent on the parts that go inside the box, what makes it sound the way it does. You can pay for real estate, or you can pay for quality parts. Cannot have your cake and eat it too.

Also what you want to really get the most out of your whole system is a whole system. Not just a few boxes, but the stuff connecting, powering, supporting, and the room they are in. So you take your budget, whatever it is, divide into integrated, power cord, Pods, and fuse. Then do the same for preamp, amp, TWO power cords, TWO sets of fuses and Pods, PLUS an interconnect. Now all of a sudden you are comparing one really nice integrated with a budget amp and preamp. This is the reality of separates.

At the very highest levels of performance then that is probably the only way to go. Now you are talking 4 digits on the low end to 5 or 6 - per component! They never mention any of these cost factors. Even when you bring it up. How convenient.

Dare I ask if it is possible to get decent sound from a home theater preamp?

Not even. The problem is HT means surround means processors means noise.

Think of it this way. Some of the very best preamps out there are designed to power off the display when listening to music, because of the detrimental effect of even that tiny little bit of extra stuff running. Seriously. Stop and think about that. People can actually hear the sound degradation caused by something as seemingly minor as a function display.

Now imagine a whole big surround processor chip, about the size and power of the one in your computer. The noise and distortion that thing is generating, makes my skin crawl just to think of it. But then that is maybe partly because I know from experience, from having actually tried and compared these things. It is abysmal what they can get away with having a big screen to distract from the reality of the sonic dreck coming out of one of these things.

Actually the problem we face is NO removal.

smandlej- I have the Townshend Allegri Reference (upgraded from the "standard" Allegri). This was well reviewed by Martin Colloms of Hi-Fi Critic and Raphael Todes of Allegri String Quartet fame, the latter uses the Bartok and found the Reference worked far better for volume control/sound quality. I believe both reviewers now own and use the Refernce in their own systems.
 This unit requires no expensive mains lead or support as it incorporates Max's podium style feet, but you could use one of Max's platforms as well.
From my perspective, this is the most important element of my system, and using it is like upgrading all my source components in one go !! It does require a substantial run-in period and benefits from balanced interconnects between pre and power. Martin uses solid state (Naim) whilst Rapheal uses valves - it works well with either - see millercarbon's post above. 

Good to know. It has been quite a few years since I really dug into this subject. Was really interested in improving my integrated amp which at the time one was using trim pots the other a stepped attenuator, neither one a true preamp just a volume control. The more I learned the more clear it became that transformers are the way to go.   

That was a long time ago so I forget all the technical electrical reasons. But the real reason they've been forgotten is my memory tends to low prioritize the moot point. Because ultimately there will always be someone willing to throw enough time and effort and money at it to solve that part of the problem.  

The one they can't solve is the seemingly simple volume control. For that they always fall back on a resistor of some sort. Trim pot, variable resistor, stepped attenuator- whatever you want to call it is just a resistor used to control volume. These things are inherently lossy and noisy and problematic.  

Transformers on the other hand, where resistors have problems transformers have benefits. There is a reason after all why we use them all over the place for isolation and power conditioning.  

But I gave up on transformers because a) hard (read, expensive) to find good ones and b) even harder to find one with all the taps needed to make a good volume control, and then c) you still need a lot of really high quality switches.  

But yeah, like you say, eliminates an expensive power cord, can be incredibly transparent, and passive, so slight gain in not adding any field noise to the system.  

I read the Colloms and Todes reviews, thanks. In the nearly 30 years since I looked into it there must have been a hundred thousand preamp questions and discussions. Yet I could count on my fingers the times transformers have been discussed. This kind of thing deserves a lot more mention and attention. Transformers, I mean.

The ultimate preamp is a transformer. This is the only way to avoid potentiometers of one form or another. The problem with transformers has always been they are difficult to implement with suitably fine steps. Townshend has done this with their Allegri preamps, and maybe others have as well. 

WOW mikelavigne ! You’re in rarified air, or rather the stratosphere.

Actually no, just a few miles outside North Bend, way below Snoqualmie Pass, not even 1200 ft, well within the troposphere.

In theory a well designed preamp should just act as a source switch and volume control.

Correct. Only problem, it takes about $20k to attain "in theory". For much less you get a whole big long list of sacrifices and compromises. In other words, "reality".     

PS- Even for $20k all you get is a much shorter list of smaller sacrifices and compromises. There is no "in theory". That's the reality.