Six of one, half-dozen of the other. Both in the same league. Good luck.
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The Project Phono Box 11 is really very good and much better at that price point than the NAD PP2.I know cause I have both and frankly the Project is just better all round.It is now a newer design(2005) and is a much better build quality than the NAD(2002) which you can tell looking at the circuit boards.The Project is very musical and has a sound-stage and sometimes matches it's older brother the SE.The NAD is dry and sterile by comparison and doesn't match the Project for detail either.