I just purchased a used MMF-7 from here on A'gon. Let me just cut to the chase and say I am enjoying every moment with the MMF-7. No, it's not the last word in detail, or transparency, but it is as musical as all get out. It has a natural warmth, with lot's of air, and really a great soundstage, and has a nice, fully adjustable tonearm. Bottom line, it sounds great.
Now, is it competative at list price? As I've never listened to the similarly priced Regas, Projects, etc., I really can't say. However, I don't think Tfkaudio's comparison of the VPI Scout and the MMF-7 is valid. MMf-7 list price is $1295 (w/o cartridge) $1495 (including cartridge...and really a nice one at that) vs. VPI Scout $1799 (w/o cartridge). I'm sure the Scout is a fine tt, and one I will consider upgrading to in the future, but for right now, the MMF-7 is very affordable (especially when purchased used) and ultimately enjoyable (ie, musical).
Find a used one here on A'gon, plug it in, and I'm sure you'll enjoy it. I am!