I guess age qualifies me to have an opinion about "Vinyl" For the first 35 years of my audio experience, the LP was the state of the art.
I posted about this before, especially in some of my early posts so you might want to look at them. This is an area where I encourage a good look at vintage equipment. Good LP reproduction at its best is the sum of compromises.
Personally I have never been enamored of Far Eastern turntables.
Now Turntables are largely mechanical with the cartridge being electromechanical. Now the performance price ratio is much more linear than it is with digital devices, such as CD players.
If you can pick up a good used Thorens TD 160 turntable or TD 150 you will be off to a good start. If you are in funds the TD 125 is a fantastic turntable. If you can come by one with an SME arm for a reasonable some you are in flint.
The Garrard 301s and 401s in good condition are superb, but they fetch high prices even though they are fifty years or more old a lot of them.
If you really want to get into it, buying the turntable and arm from different stables is a good thing. In terms of pick up arms SME have been preeminent.
A good series 2 SME arm can usually be had on eBay for $200 to $300 hundred depending on condition. Here is a good example.
http://cgi.ebay.com/BEAUTIFUL-AND-FULLY-WORKING-SME-series-II-TONEARM_W0QQitemZ370019378889QQihZ024QQcategoryZ48649QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
SME still make a series two as an entry level arm.
http://www.sme.ltd.uk/content/Series-M2-1331.shtml
Cartridges are like speakers you need to hear them. Unfortunately there are more bad than good ones.
Shure and Ortofon cartridges are stand outs. I have also been impressed by the Goldrings. I have always had a love hate relationship with the Decca line. Their downfall ends to be trackability. They are very expensive now and can give a whole hearted recommendation for that reason alone. I have had two of my Decca cartridges since new, and the last one I got free, because an eBay seller did not know what it was, and chucked it in with a purchase for free.
Here are some pictures of my turntables, so you get the idea.
This turntable equipment I have owned for most of my life. Visitors are astonished at the quality of LP reproduction. Some of the equipment is over 50 years old.
http://mdcarter.smugmug.com/gallery/2424008_RKGvb#127077056
This unit is an eBay restoration and has the "free" Decca.
http://mdcarter.smugmug.com/gallery/2424105_Kh5ff#127081086
For all your vinyl needs, I recommend Needle Doctor. The staff are knowledgeable and helpful. They have equipment for all tastes and budgets. You can pick out a phono preamp there.
http://www.needledoctor.com/
Be careful you might get hooked!