Go with the Technics SL-1200Mk2. The tonearm may be nicer on the Rega, but all that MDF junk (pardon me, Rega folks) and no ability to adjust azimuth or VTA (sans aftermarket parts) leaves a whole lot to be desired, in my opinion.
Listen to some solo piano on both tables if you have the chance. The Rega tables I've owned simply can't stablize those sustained notes/chords the way the rock-solid direct drive Technics can.
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