At the NY Audio Show this past weekend, I got to see and hear the demo of the Sweet Vinyl Sugarcube. This PC-based stand alone unit is amazing. Here is what it does:
1. De-clicks vinyl - and does so completely transparently, and is user-adjustable (more or less filtering of clicks and pops).
2. Digitizes vinyl - MP3 through 24/192 resolution.
3. Locates metadata for LPs being played/digitized, including cover art
4. Inserts track divisions based on the metadata (wow!).
5. Compensates for non-RIAA recordings
6. Plug in apps will do even more, like reducing groove noise.
It inserts in a line-level loop or between your phono preamp and preamp. It has digital (S/PDIF and USB) outputs as well as analog outputs.
Projected retail is $2500, and they plan a kickstarter campaign soon.
If you spend time digitizing vinyl, this thing is nothing short of a miracle. I want one so badly I can taste it.
(I am not associated with Sweet Vinyl in any way.)