To be slightly more precise, what we are talking about here is "correct absolute polarity" vs. "inverted absolute polarity". Clark Johnsen wrote a seminal book about this called "The Wood Effect" (if you want to get hold of a copy, email Clark at "Positive Feedback").
Remember, first, that it's not just your preamp which might be inverting polarity - it could be happening at any active gain stage in your sound chain. The net result of the sound chain is, as Phil pointed out, either your system (as a holistic whole) inverts polarity or it doesn't.
However, be aware that one front-end component might invert polarity (like a phono stage) while another does not (say, a CDP). So having a switch on your pre-amp to counter this is a real godsend!!
However, then there's the matter of the source recording. One might think that competent sound engineers would always have taken the effort to make sure all their mikes were set up with correct polarity (to take a simple example, when a singer blows into the mike, the diaphragm should deflect backwards).
However, they all didn't in the old days and they may still not. If all the mikes are set with the same polarity then your "phase switch" can instantly convert one polarity to the other but if some mikes are set "correctly" and others invert, the listener has a problem! Again, at least those lucky people with a phase switch can try both settings and decide which one they like best!
I certainly wish I had a polarity reversal switch on my pre-amp!!
Regards,
Andy