I've never had a Denon DL-103, but I get the impression that while it's capable of performance well beyond its price range, it has to be dialed in just right in terms of compliance match with the arm, tracking force, and how the output is preamplified. That the DL-103 is a low-output MC makes its interface more complicated than the high-output DL-110 and 160.
02-27-08: Tigerwoodkhorns
The Denon Dl-110 and 160 with a Sumiko headshell seem to be the way to go. What about the DL 103 that is available for about $150. Is the 110 or 160 superior?
Several aficionados seem to prefer using a DL-103 with a voltage-matched stepup transformer into a MM phono stage, rather than plugging into a generic MC stage.
Furthermore, given the DL-103's very low compliance, I speculate that it can't really show its stuff with a Technics table without the fluid damper.
My point is that it may be better to start with the DL-110/160 and learn about the mysteries of VTF, VTA, overhang, damping, and compliance-matching before tackling the additonal tuning challenges in getting the best out of the DL-103.