I just picked up this thing at Circuit City tonight - $150 minus $30 because I got it as an open box item. I've been wanting a record player for a while, but I knew that I also wanted to be able to easily convert records to MP3 to take on the iPod. This machine makes it extremely simple - comes with software that lets you record through nothing but a USB cable. I've already recorded The Who's Who's Next album, and I'll be digging through my Dad's vinyl collection before I move to see what else I can find.
I can't speak for sound quality from one record player to another, but as far as I can tell, the warm vinyl sound is completely intact when playing it back as an MP3. There's also a stereo 1/8" jack on the turntable so you can convert anything else you might have like cassette, 8 track, etc.