I always assumed the signal impedence would be altered tying in a second component to a single set of outputs (signal devided in half). I also assume you could add another main out and tie that into circuit (rather than simply pig tailing 2nd out) to maintain signal integrity. Perhaps I'm wrong, some more technically savvy member should know.
Most preamps that have two sets of output jacks simply have them wired together directly behind the rear panel. There are some that have separate buffers (output amplifier stages) for the two sets of jacks, but they are in the minority.
Electrically there is no difference between using a y-connector on a single set of output jacks, and connecting two load devices to two sets of output jacks that are wired together internally. There may or may not be subtle sonic differences between those two situations due to cable and connector effects.
But in BOTH cases (using a y-connector, and connecting two loads to two sets of output jacks that are internally wired together), you are correct that the preamp output will see a load impedance which is divided by two (assuming both load devices have the same input impedance). That may or may not be significant depending on the output impedance of the preamp (the lower the better), the input impedance of the load devices (the higher the better), and possibly the current drive capability of the preamp (although I don't think that is likely to be a factor in typical cases).
For a typical situation of an active preamp that has an output impedance of say a few hundred ohms, and the power amps having input impedances of 50K or 100K ohms, the 25K or more combined input impedance of the loads will still be far greater than the output impedance of the preamp, and hence still not a significant load.
There is one other factor that needs to be considered. If the preamp output impedance is highish, and/or the interconnect cables are either long or high capacitance or both, then the upper treble could be rolled off somewhat. That is also true in the case of a single interconnect between a preamp and a single power amp, but adding the capacitance of a second cable can potentially worsen the effect. For a typical situation, though, involving one or two meter interconnects that have low or moderate capacitance, and a preamp with reasonably low output impedance, I wouldn't expect this effect to be significant.
Regards,
-- Al