I agree with @dover - when I had my P5, I first upgraded the arm from the RB700 to the one on the P8 - the RB880 (it wasn't available by itself, but my dealer took one off the new P8 for me and sold that table to someone else who wanted the new P8 - the P10 wasn't out yet, and he wanted the best Rega arm at that point, which was the RB1000). Since then, the P10 came out with the flagship arm (other than the cost no object Naiad), the RB3000 (not sure why they skipped the 2000-ask the Marketing guys). I was thinking of upgrading to that arm, but was told if my table was properly isolated, it wasn't worth the premium.
The arm upgrade from the RB700 to the RB880 was a shocking improvement. A while later, I decided to urge the table itself to the P8 (I try to not spend big bucks all at once) and to be honest, the improvement in the table was not nearly as much as the arm. Mainly it was better wiring and dust cover and sound to some degree.
So yeah, the Rega arms are a great value (never had one below the RB700), but I know the early ones were legendary and IMHO anyone with a Rega table who upgrades to a non-Rega arm is nuts.
And yeah, I am sure SME and Graham arms and some high end Origin Lives are better, but at a much higher cost.