I have one of the earlier P200s (sans the on/off switch and the balanced input). It sounds quite excellent in terms of image depth and clarity, with a lovely, textured rendering of the soundstage. The bass impact isn't quite as strong as some other preamps (e.g., my Adcom GFP-750), but overall the p200 does a wonderful job of dissapearing and is as musical as preamps costing somewhat more.

Being extremely deep, however, the preamp doesn't quite fit in my fancy audio cabinet, and the lack of a switched power outlet or 12v trigger makes it a bit more cumbersome to turn on the power to my system. But this is to be expected from a minimalist design. The small front face will not be an aesthetic match to normal sized components, but would probably fit really well with other components from PS audio.

I leave it on all the time. The remote is also a simple design but gets the job done.