I've auditioned both using the same music, but in different stores and in different sytem setups, so take these comments for what they're worth. The Rega is a great player for the money -- I've seen it used well under $500. However, I found the sound a bit thin and constrained, perhaps even a bit grainy, with little bass. I then listened (A/B) to an Arcam priced at roughly the same point, whose soundstage was far larger and detailed and conveyed much more detail. The FMJ 23, is all that and more. It uses a very sophisticated DAC, is extremely well built and produces a fantastic, open, natural sound. It also costs over $2000 retail. In short, the FMJ23 is a better machine, but is considerably more expensive. If your dollars are scarce now, it would probably be better to get the Rega now, and upgrade to a better outboard DAC in the future. FWIW, I decided to bite the bullet and buy a Sony SCD-1 (got a very good deal on a dealer demo -- not that much more than the FMJ23 and one of the best SACD players around to boot) YMMV.
