Bongo's FAQ is a valuable resource.
Anyhow... here's my take on it - a lot of it will probably overlap with his FAQ, but I'm in a chatty mood today.
My personal experience is that effects pedals in the effects loop tend to sound worse unless they're modulation pedals (chorus, delay, flanger, etc.). It generally has a lot to do with output and impedance differences.
Effects pedals are usually built to work well with the output of an instrument. If you feed the much-higher output of a preamp (i.e., standalone rack preamp, your amp's "effects send" jack, etc.) into a pedal, they will often distort unpleasantly. Also, some pedals may drop the signal level significantly; if your amp sounds MUCH quieter after you put a pedal in there, don't be surprised. Not all pedals will do that, but some (especially a lot of distortion pedals) will.
Again, these sorts of things don't happen often with modulation pedals, but that's not always the case.
Now, rack effects are a different story. They're built to work in the effects loop, not before it like most pedals would. But whether you'll like effects post-preamp is entirely up to your personal tastes. Guitarists and bassists who love preamp distortion will often prefer to use rack effects and modulation pedals in effects loops.
As for signal fidelity... how do you define "high end" pedals? What sorts of
specific pedals (i.e., Boss ODB-3, EHX Big Muff, etc.) have you tried? The type of bypass used in a pedal can have an impact on the signal quality and level. True bypass and quality buffered bypass systems are the way to go if you want to avoid this as much as possible.
Also, keep in mind... every cable and pedal you add will impact your signal in a tiny way. It doesn't matter how great your cables are... run 50+ feet worth of cable, and a discerning ear may begin to notice small differences. But is it worth stressing over? You need to ask yourself that. Is it
really going to matter in a live or studio mix? Most likely not, unless you're running a lot of pedals with questionable-quality bypass systems. But there's easy workarounds for that - true-bypass loop pedals and the like.