For a first tt, I have been extremely pleased with my Pro-ject Debut III. The gloss black version is $359 at NeedleDoctor at the moment. You can probably get them to discount it and the rest of your order another 10%. Upgrade the stylus (not the cartridge) and get a SpeedBox and you should be pretty happy. I upgraded the cartridge to a mc; if you do this, you will also need to get the acrylic platter. If I had it to do over, I would just upgrade the stylus on the pre-installed cart.
The big plus here is the easy setup, the ability to return it if you don't like it, and a warranty. Setup takes about 5 minutes, and the tt sounds pretty good :)
Otherwise, you might want to check around for a killer deal on a Rega P2.
PMB