I think the problem one will find with the "vintage" phono stages will depend in part upon which cartridge you're planning to run. If it's a low output MC, then you're going run into noise and inadequate gain problems. In the end, this will lead to the loss of dynamics, resolution and transparency.
That said, I do find newer phono sections as a whole much quieter than older phono stages.
That said, I do find newer phono sections as a whole much quieter than older phono stages.