Transferring Vinyl to Digital

I was reading the latest Fremer column in Sterophile commenting on ripping Vinyl to digital. His suggestion, if you didn't see it, was to pick up a Project Debut III and a Terratec iVinyl covenrter.

Anyway, I was thinking of doing that for around 50 old, unused albums I have (that I'd rather not buy new cds or download 128kbps files from iTunes) so I could load on my IPod for air travel.

Here's the question. I have an old Sony PS-T3 direct drive turntable with a Shure M95ED cartiridge that I seldom use these days. Would the Project be a significantly better source to make the transfer? Also, does anyone have any other reasonably inexpensive suggestions for doing this?
I am also looking into this as well, I hve been researching and reading reviews for different products. I am looking at the "MasterLink ML-9600 High-Resolution Master Disk Recorder" I am almost at the piont where I make up my mind to buy this unless some thing extremely negative is reported for this product that i seiousl doubt will happen.

This piece of equipment is about 600 or so may be less even, and it is a dedicated hardware too.

Good luck
Happy listening
Your sony might not be so bad. I think with a decent phonostage you can get some happy music out of it.