Most will feel the Planet is the better player. It better be. The Planet's new list price was double the Cambridge. But it is still a matter of taste in the end. The Planet is probably a little more smooth/laid back.
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I once pondered this very question. After living with both for some time I would say that ultimately the Rega is my choice. It's a more mature player than the Cambridge. The D500 is like a shiny suit of armour waiting to be admired, but after time the Rega's polish will not tarnish.
Look on the classified pages daily for used Planets as they appear frequently. If you're lucky you may even score a Planet 2000 for cheap.
I'm sure you've taking this into account, but... any original Planet that is available to you has to be at least a couple of years old. You can get the 500E for less than $500 new with a 30-day trial period from sudioadvisor. Try it, return it if you don't like it, and then take the risk on a used Planet.