It depends on how you look at it. When they were still in production, you could get an SL12x0 TT for $400-500, a high precision transport with nearly unmeasurable wow and flutter, dead-on speed accuracy, and a S/N ratio you rarely see in "audiophile approved" turntables under $5K. Given such a low entry level and its naive lack of other vibration and resonance control features, it practically begs to be modded to bring out its best. Get an armboard from Origin Live or Sound Hi-Fi and swap in a Rega RB303, JA Michell, Jelco or SME tonearm and you'll have an astounding turntable for under $2K, possibly under $1K.
02-23-12: Mapman
Its hard to discern that the original table is one of the best when so many custom tweaks are needed to deliver the bomb in performance.
Whenever a device is modded and a performance difference results, its now a different beast.
I'd love to do the tonearm upgrade, but in the meantime, my tweaks cost me a grand total of $250 (fluid damper, Sumiko headshell, sorbothane mat, Vibrapod feet), plus a butcher block as an isolation platform. That $750 got me a turntable with speed accuracy you can't buy (new) otherwise.
The customary price/performance ratio of turntables would be far different today if the British TT industry had embraced the Japan-sourced DD mechanism and built their turntables around it rather than foisting over-the-counter AC synchronous motors and rubber bands as a "superior" drive system.