If you search online you can find out a lot about the RIAA Equalization Curve that is the standard EQ applied to all recordings when cutting them for a vinyl record. Then on playback the inverted curve is applied on the "phono" input on all hifi amplifiers ... that is how the phono input is different from the others.
It was applied for technical reasons to do with the record cutting and playback. Low frequency amplitude can reduce record time and cause skips. Also high frequencies are manipulated to reduce the hiss ratio. So there was a lot going on EQ wise with records that gave them a characteristic sound.
Read
http://www.graniteaudio.com/phono/page5.html for a brief background.
[This message has been edited by Nigel (edited 05-25-2008).]