I think one of the major drawbacks with very large amounts of negative feedback in any analog amplifier be it a line stage, phono pre or power amplifier is that you introduce large frequency-dependent phase shift in the signal within the audible band (especially at the upper frequency range). This likely causes a less satisfying musical result in terms of coherence or time alignment of the entire frequency spectrum.
This also helps explain why you want a very high bandwidth amplifier to avoid these phase shift vs. frequency issues. Upper cutoff well above 20kHz for example.
