Hybrid analog-digital precoding is a key millimeter wave access technology, where an antenna array with reduced number of radio frequency (RF) chains is used with an RF precoding matrix to increase antenna gain at a reasonable cost. However, digital and RF precoder algorithms must be accompa- nied by a detailed system model of the RF precoder. In this work, we provide fundamental RF system models for these precoders, and show their impact on achievable rates. We show that hybrid precoding systems suffer from significant degradation, once the limitations of RF precoding network are accounted. We subsequently quantify this performance degradation, and use it as a reference for comparing the performance of different precoding methods. These results indicate that hybrid precoders must be redesigned (and their rates recomputed) to account for practical factors.