[Scott Fraser]

The thing about a transformer is it gives you noiseless gain. Typical

current mic preamp topologies provide near theoretical noise
performance
with a 200 ohm source but fare much worse with a really low source like
a
ribbon. Bipolar trasistors typically have their best noise performance
looking into about 5K ohms. Rupert knew this well and used a 2:1
transformer to give his mic pres a 1K2 input inpedance.

Yes, although there are transformerless mic pres which are far quieter
than Rupert Neve's typical designs.

Scott Fraser