I understand, but does that really mean it's bypassing the preamp circuitry?
I don't claim to be an electronics expert, but isn't the "preamp" a specific piece of the circuitry? After that comes EQ, OD, etc.
With that in mind, he's utilizing the Plex' preamp but using the Ictineo as an EQ effects pedal. Yes, the Ictineo has a preamp in it, but it's really being piggy-backed on the Plex' preamp.
I totally agree that being able to bypass the EQ is a great feature. Just one more reason why the Plex is such a versatile tool.