here's my take:
1. speaker out >> to LOC with trimmer potentiometers >> to power amp - good
2. speaker out >> to LOC with resistors (1% tolerance or better) >> to power amp - better
3. preamp out >> to power amp - best
#2 is better than #1 as resistors are more linear than the ordinary potentiometers typically used.
with proper power/level matching, #2 may approach the performance level of #3. with the receiver's internal amp delivering very low power on the high impedance LOC, the distortion is way below 0.1%, the limit* of audible distortion. that is if the receiver has low distortion at low power to begin with. but it's an entirely different case with a crappy receiver, or if one were to drive speakers parallel to the LOC.
* other people are known to have much higher tolerance for distortion, depending on several physical, psychological and pathological factors ranging from hearing acuity to blood alcohol content.
comments and rebuttals are welcome.