When these devices first started coming out, I was under the mistaken impression that each signal path had its own preamp - because in my experience, the difference between a shitty preamp and cleaner one was very noticeable. Adding +40 dB with the internal preamp of a Zoom H1 sounds a lot more noisy than dialling down the internal gain and using a better external preamp with the same amount of gain. But if you only need something like +15 dB for the signal to reach a healthy level, then the performance difference between internal and external preamps will be much closer in absolute terms. You won't hear any preamp noise either way.
So I thought these devices worked like this: one signal path would have high preamp gain (say, +40dB) fed into an ADC that then offset this by -40dB when writing it to a 32-bit float container, and a different path with little to no preamp gain, fed into an ADC with little to no offset. Combine both, and you have the advantages of high clean preamp gain for the quiet parts without worrying about overloading the device with your peaks.
But as far as I know, this is not how these devices work. A Zoom F3 appears to have the preamp gain fixed, which initially didn't make sense to me, since I always heard people say it was a conservative amount of gain. But this architecture only makes sense to me if the gain is permanently set to high (say, +40 dB), with one of the AD converters being capable of withstanding a really hot signal. Does this sound right? This would allow the device to actually take advantage of the clean preamp (which a conservative amount of gain wouldn't permit!).
What I don't fully understand is: if this is the case, is a preamp necessary at all here? If you can tweak the sensitivity of the ADCs, can't you just make the one intended for quiet sounds really sensitive, skipping the preamp stage altogether? Or is that not possible because you'd bump against some noise floor that is inherently higher than that of a quality preamp?