Here's another thought:
Get a Technics SL1210 Mk2 from Musicians Friend for a mere $399.99. It has a lot going for it--build quality, speed accuracy, low noise, close tolerances, durability, and slick controls and ergonomics. You will get an increase in transients, bass, and slam. You will no longer be limited in available range of cartridges. In fact, with the TT's included second counterweight and headshell weight, you have a decent range of cartridge weights and compliances that will work.
A removable headshell is nice for learning to mount cartridges and keeping it from being too frustrating. Upgrade to a nice $40 Sumiko headshell.
If you decide to upgrade, you can get an outboard power supply, threaded clamp and spindle, fancy footers, strobe light disable, tonearm rewire, and tonearm fluid damper from KABUSA.com. The fluid damper further improves the range of compatible tonearm/cartridge combinations.
If that's not enough, you can get a Rega-adaptor armboard and tonearm from Origin Live. Origin offers compatible tonearms from $240 to $everal thousand. In other words, you can buy the Technics and modify it to have an RB250 arm for about the same price as a Rega P3.
If you leave it stock and decide to sell, you can probably get within $100 of what you paid for it.