I have the Pro-ject Debut III. Good basic TT. I would recommend upgrading the cartridge from the stock OM5. I got an OM10 on ebay for about $30 and it's a marked improvement.
Agreed. The great thing about the Debut III is that there are some very nice upgrades you can do as/if your appreciation for vinyl grows.
The first is as oldskoolboarder points out, the stylus/cartridge, and if you stick with the OM series you can upgrade just the stylus, and not have to deal with recalibrating the body, and save some cash.
Next, you can upgrade to smaller steel platter to the full size acrylic platter. Very similar to the Rega upgrade for the P1.
Then you can get the Pro-ject Speedbox, which adds quartz accuracy 60hz regulation to the AC power input which in turn regulates the platter speed.