I was thinking that with chained mic preamps, you get the summed sonic effects of both. So it really isn't a m148 sound but m148 + something else. Which may be a good thing.
Well, with the m148, it is always m148 + something else, since the m148 sends out an analog signal that needs to be converted to digital. So m148>V3, m148>MMe, m148>722 are all pretty much the same thing from a block diagram perspective. You're right, the 722 might add its own coloration behind the m148, but so might the V3 and the MMe (or modSBM1, AD1000, etc).
As to the rest of it, I don't know if Tim is right or not, since I don't know how they implemented the 722. The SBM1 for example does have different gain stages for the mic-pre and for the line-in. Both are implemented (non-mod) with 4580 op amps. So if you go mic in to the SBM1, you go mics> 4580 gain stage> 4580 gain stage> digital. If you go line-in, it is <signal> > 4580 gain stage> digital. The V3 on the other hand, uses just one instrumentation amp no matter if you go mic-in or line-in. It just adds more gain at that instrumentation-amp gain stage when going mic-in compared to line-in. Same with the Minime.
So the 722 might be configured with 2 separate gain stages, or it might make use of the same single gain stage to do both mic-in and line-in. I really don't know how they decided to implement it.