For £179 it's a bargain for a brand new turntable with cartridge. No setting up needed, but you can change the cartridge in future if you wanted to.
It has been replaced by the III version which has the better OM10 cartridge, though for £60 more that's a big extra cost. You'd think you might be able, one day, to upgrade a 5 just by changing the sylus. However, though it fits physically, and is a better spec, the 10 apparantly has better coils in the body so you won't get all the benefits.
You'll need an amplifier with a MM phono stage built in, unless you already have a separate pre-preamp.
Bottom line - a great buy!