There is something about Vinyls you don't get from CDs or Lossless CD rips. It's not in the specs (CDs outshine vinyls there in most aspects) but in the process. Many refer to Analog warmth, 3rd and 5th Harmonic distortion, Saturation, etc. Nowadays some artists are releasing vinyls concurrently with their CDs. And that's not a gimmick, they sell.
A CD in general sounds great from a $30 player, a Vinyl needs significantly more investment to be really enjoyable. How much more? Well from $200-$200,000 if you look around. Check
AudiogoN for current trends and frenzy. Careful where you step there, 10 minutes makes you think your current equipment and ears are totally inferior.
Bottom line, as long as the turntable runs at the right and constant speed, the platter and tonearm don't vibrate from mechanical and acoustic feedback, the cartridge and needle are fairly decent, and you have an amplifier that has a phono stage or a phono pre-amp, you're in business.
I bought a near mint vintage Denon DP2000 deck off Craigslist and a few cartridges from various sources to check it out, and yes, I concluded I still like vinyl, it definitely has its place. The problem is finding (near) mint vinyls, and some can cost a small fortune if you have to have them. Therefore I'm always on the lookout for HiRez posts of skillful needle drops on good equipment.
Added:
As
aopisa mentioned, Crosley products (and many others as seen on TV or from gadget catalogs) are to be avoided, and Audiokarma is [edit] still fine. They [edit] used to have a great classified section. I'd stay away from the all-in-one USB turntables too. They are poor quality, tailored to certain markets and most likely not yours [...are getting into the whole vinyl thing...].