What is the fascination?

You really need to listen to a Garrard 301 or 401 with a good tonearm and plinth to understand the sound and appeal. I have a Garrard 301 and now am done looking for a different turntable. I have had Technics, Thorens, Basis, Michell, Rega, and others.

Ignorance is bliss. 
For (some of ) those of you who replied to the OP, expressing opinions based entirely upon blind belief and your sense of the world is a waste of your time and ours. 
The OP asked a loaded question with "fascination". 
Art Dudley recently wrote a piece for S'Phile in which he referenced the fact that he is frequently asked for a recommendation of a modern table and he can't come up with a single recommendation. 
We're not talking about Space-X and DNA-cloning cutting edge technology here. It's a matter of craftsmanship. My Thorens TD124 with a Reed 3P arm (OMG, the arm is largely made of wood!!!!) blows away my VPI Prime with 3D arm. There is simply no comparison, either in SQ or price. I have 13K easy in my Thorens and $5500 in my VPI Prime with a second 3D arm and Phoenix Engineering Falcon and Roadrunner. The Thorens has a huge custom made double-bearing (bearing on bearing) main bearing. The motor is probably three times the size and 10 times the torque of the VPI unit. Everything on the Thorens can be taken apart and rebuilt including the motor. The Prime motor is disposable. When it goes bad you throw it out and buy a new one. My restored TD124 will go another 50 years easy. It is built like a tank. 
I am not saying the Prime is junk. It is very high quality. But if you hold it up as a gleaming example of high quality modern day technology and manufacturing, it does not compete with the best Swiss technology from 1959. 
Back in the day of vinyl's golden years and vinyl playback for radio, the word "transcription" was analogous to the term "chronometer" in high-end watches. There were stringent specification standards to meet. Listen to a fully restored deck and then express your opinion. 

I have not listened to the Pickering yet.  It just sort of hit me in a way when I received it that you really are taking a serious risk with some of this stuff.

Remember Raul who own 100+ vintage cartridges and still fascinated about them. There is a very little risk, especially if you're buyin them from a fellow collectors, not from the professional sellers. 

I'll tell you that i've had more problems with brand new cartridges and electronics than with a vintage ones.  

@cleeds 

I was an active audiophile in the ’80s, and the ’70s, too. Now as then, I’m not really interested in experimenting with phono cartridges and pickup arms. 

Understood. For younger people like me it's the only way to try vintage gear produced in the golden era, i am totally happy with vintage stuff compared to some new stuff that i have too. 

I’m glad not everyone feels the same way, though. I sold my previous arm (Fidelity Research FR-64fx) to a buddy who still uses it. It sounds as great as ever.

Great tonearm, this is what i'm using now with my FR-7fz 

Interesting comments.  I guess there is some satisfaction from working with something older and making it like new, an appreciation for some of the older technology that is not always worse technology, thats for sure. There were different materials more readily available years ago that arguably sound better.  The Marantz amps come to mind.  Hmmm.