I agree that the arcam FMJ sound is rather soft and woolly. Do people think this is more a factor of the pre-amp or the power-amp section?
Depends on how you define 'soft & woolly, and which other brands you're comparing it with?
As drummerman stated earlier, Arcam, especially over recent years, have tried to cover a whole multitude of sins, resulting in a rather safe sound. However, in saying that, pair it with a fast and detailed CDP and lively speakers and it'll compare nicely with most brands. Arcam's problem is their amps need very careful partnering, more than most makes, if you want decent reproduction.
A65+, CD73T, Pro-ject X1/Clearaudio turntable, Marantz ML 2060 Tuner, MA RS6, Chord Chrysalis/Merlin Chopin & Chord carnival Silver Plus.
"....You could sell me a pink elephant."