Next ANalog Upgrade Question

I have a 2 year old Thorens TD-190 with a Denon 103R cartridge and the interconnects were upgraded (hardwired) with Audioquest King Cobra cables. Musical Surroundings Phonomenon II preamp into a Cayin integrated amp. I really like the sounds, but my question is where should my next "analog" upgrade be that provides a noticable upgrade in sound quality? A new turntable,cartridge, preamp?
The Denon cart is an overachiever as is your phono preamp. My advice would be to upgrade the turntable/tonearm.
It probably should be where you didn't mention - speakers.
Yep, speakers give the most bang for the buck when it comes to upgrades. What do you currently have and what is your room like?

I own a pair of Usher V-604 that just got their drivers replaced last month. All woofers and tweeters were upgraded to current versions and that was quite a jump in quality. Much more inner and microdetail, layers of music are now being revevealed that were not there before. Speakers are staying at this point.
Analog-wise, that could change. I seem to be happy with what is being heard on vinyl and there is a sense of ease in the music when I do AB with my Pioneer Elite SACD player.
However, I am really interested in understanding whether I need to jump $$ to a VPI or SME, or will I hear a noticable difference with a slight $$ jump to a Pro-ject Xpression of Music Hall 5.1SE?
Thanks in advance.
Make the jump to at least vpi level. While the Project and Music Hall are fine tables, and made by the same factory, they are in the same league as your Thorens and no where near a VPI or SME