veii:
Well, I bit the bullet and bought one yesterday morning, so I thought I'd answer my own questions. (I'm not mad, honest. It just might help others.) Here's my thoughts.
1. Set up: Not too difficult, very fiddly though. The tracking force is a royal PITA to set up if like me you've never done it before, definitely made me think 'Is this worth it?' a few times.
2. Sound: It certainly was worth it. I'm surprised how close this thing sounds to my Marantz CD player, which cost nearly twice as much! Maybe they use the same DAC? (That's a joke, BTW.) Sure it hasn't quite got the detail, soundstage and openess of the Marantz, but at £150 who cares? It comes rather close, though. However, on the flip side, this thing has better timing, dynamics and outright musicality than the CD player. No mean feat.
One thing I was quite surprised about, was that it actually sounds quite bright. It's no problem as I just turn the Treble down 1-3 notches, and the Bass up 1-3 notches on my Amp, depending on the record and level of brightness. If you haven't got tone controls on your Amp you're screwed. Although it should be noted that I like a really warm sound. You may like it 'as is'. It's still not as bright as many digital sources are, and there's not really any harshness in the top end.
All in all a brilliant purchase, and highly recommended. Gives an excellent sound, probably better than most sub £200 CD players. As a bonus it looks really nice, and doesn't look cheap.
Sorry about all the CD player references, but that's all I've got to compare it to.
Kind regards, Mark.
Edit: On a side note Vinyl is still a PITA to handle and clean/keep clean. (Some things never change.)
If your deck has an Ortofon cartridge, as mine did, then it will be the cause of the brightness. Bottom line is the Ortofon carts Pro-Ject supply with their decks just aren't very good. They sound thin, have a load of distortion and surface noise. I think if you changed cart, you'd find that little £150 deck would beat your CDP in all areas.
When I first listened to my deck, with the original cart, I thought vinyl wasn't for me. Now that i've changed cart, if I could marry my deck, I would.