I've been doing a lot of reading that vinyl can have a lot better audio quality than CD/mp3.
This is the myth that I suspected. There is no reason for Vinyl to have superior audio quality to CD, except for mastering differences (some CDs have been mastered with lots of dynamic range compression, while their vinyl counterparts just weren't - BUT - this is pretty much entirely an "industry" fault - as on paper a CD is superior in pretty much every way)
That was the main reason I was gonna take the plunge. I listen to quite a few hours of music a day, so I'd like it to be quality.
Do a bit more evaluating before taking any plunge. That's all I will say.
2. Vinyls are just kinda cool!
My advice is to buy a vinyl setup as an aspect to your system, but not necessarily the
primary aspect of the system. Speakers, speakers, speakers are the core of a good setup - and should be the focus of your budget as well as the character defining component. While the best speakers can reveal unwanted truths of vinyl, that shouldn't be a reason to compromise on the speakers. I just hope you don't get "speakers suited to vinyl" because that's counterproductive. I know myself, and at least one other member here, have only hear "tape hiss" from even quality vinyl we've heard. Yes, low bitrate MP3s sound horrible and vinyl can still be pretty good overall. But you're only as good as your weakest link, and "pretty good" isn't as good as it gets.
So based on that logic, If you're spending $400 on a turntable, for example, I would probably be guiding you towards speakers such as
Philharmonic 3s
Vapor Arcus
Soundfield VSFT1
Revel F208
KEF R900
Audiokinesis Planetarium Alpha
Pi Speakers Three π
JTR Noesis 212HT-LP
Seaton Catalyst 8C
and if that seems like too much, then perhaps you need to start with a budget for speakers, without regard for any other component, and work from there.