That's easy: the Cambridge 640P. Less than $200, handles both MC and MM. Extremely quiet, accurate RIAA, catches the details and also the dynamic jumps. I've had one for 3 years and even with several downstream upgrades, its basic goodness holds up well and resolution is further revealed.
03-27-10: Ilidra
Just purshase Music Hall MMF 5.1 in like new condition with Goldring 1012GX cartridge instaled. Any sugestions for budget phono preamp to use with.
The other contender would be the Musical Fidelity V-LPS at around the same price. To get appreciably better you'd need the Musical Surroundings Phonomena II at $600 or the PS Audio GCPH at $1000.