09-21-14: Kiko65For $399, the Pro-Ject Debut Carbon includes a one-piece carbon fiber tonearm *and* the Ortofon 2M Red. I have actually heard it and at $399 this thing is unbelievably good. For another $129 (still cheaper than the Rega), you can add the Pro-Ject Speed Box, which--besides regulating speed better--lowers the noise floor by moving the power supply away from the turntable chassis.
Second the Rega at the price point. Stretch it to $550.00 and get the Ortofon 2M Red with it.