I would say so, yes. Definitely at the "budget" end of the market, but for many people, this was where hifi started.
It's a German company who were a very well known "proper" hifi company from the 60s until around 2000, when their name was bought by various supermarkets to sell their generic radios/micro systems etc. However, they are still making turntables, and still have a version of the 505!
http://www.dualturntables.com.au/
I still have a 505/2, and with a reasonable modern cartridge on it (a replacement Ortofon OM5E for £35 is perfect) still sounds great.
They did have a tendency to shred the pitch belts, making speed tweaking a tad tricky. They are available online for about £20. Drive belts are far more reasonable at around a fiver.
Good solid decks that rarely let people down!