Your measurement marches what we measured yesterday. There is no fault with either the 120v or the 240v transformers - I was worried there might be so we checked carefully. 4.75v is 5% low, which is well within the normal 10% acceptable variation (though EML for example specifies 3% - not possible without regulation). I have not been able to find an explanation for why the original prototype from 2006 measured 5.27v (we have determined that the power transformer did not change).
We're still working the problem, but meanwhile here is some discussion of how we arrived at this situation and what we are doing about it:
First off, here is the wikipedia article, for further information on this difficult subject:
http://en.wikipedia.org/wiki/Mains_electricityAs you can see from the article, the emerging widespread 230v standard does not mean that anyone actually has 230v power - most systems are either nominally 220v or 240v, and the approved deviations from nominal have been adjusted to allow the old systems to remain in use.
In the US, over the last couple decades that Bottlehead has been in business, we have mostly heard from customers that their electric power was 120v to 128v, with only a few exceptions. Nevertheless, we design for 120v, which is the standard. When we began to offer the higher voltage, we were mostly expecting english-speaking customers from Europe, so we chose the 240v standard as used in England rather than the 220v. We expected voltages to be mostly higher than the nominal, as is the case in the USA. Voltages that are too high cause much more damage than voltages that are too low.
More recently we have had customers (mostly outside Europe) who have 220v legacy power systems, and have voltages that drop below the nominal 220 as often as they rise above it. This results in a filament voltage that is indeed low enough to worry about. Yesterday we tested some possible solutions that can be fitted to an already-built Paramount, but I want a little more data before making specific recommendations.
In addition, we are gradually changing our designs in various ways to deal with this issue, without imposing higher costs on everyone.