I am not sure how you would be simplifying anything here, as the Atom requires a phono stage to do vinyl playback. It appears that your Cambridge is essentially similar functionality to the Atom, and also has no phono stage, correct? Unless you are using a Rega with inbuilt phono stage, of course....
As far as capabilities and sound, only you can determine if the Atom would be a step up over your Cambridge or not. I know, not much help here....
As far as capabilities and sound, only you can determine if the Atom would be a step up over your Cambridge or not. I know, not much help here....