>>758171Well it depends on the mic. Anything that's really high impedance (TRS mics usually are and contact mics are way way high impedance) isn't going to work well without a transformer or DI/preamp. The "line-in" of the DR-40 is not the same as an "instrument" or "guitar" or "Hi-Z" input on a preamp/interface.
In terms of XLR mics those generally are low impedance and should work fine with the mic-in setting on the DR-40, but dynamic mics aren't going to record any ambience. You'll need a pretty hot signal (close miking stuff) for it to work. I don't use my DR-40 with dynamics so I have little experience there - except I have used it with ribbons and it's only really acceptible with Fetheads.
Since I use condenser mics my signal flow is as pictured. I need both phantom powers, one to run the Fetheads and the other to run the condensers. The Fetheads are f*cking awesome though, I highly recommend them for any dynamic mic or condenser if you have a secondary phantom supply. They also make one designed for condensers but it was cheaper for me to buy a 2ch phantom supply than two of those, all works-out in the end.