I can't imagine a better 'new' table for the 500 dollar range as compared to the Technics 1200. The 1200 has a superb drive system, a good arm with tight bearing tolerances, and it's build quality is top shelf: the table chassis/body is made from thick cast aluminum - and the bottom is solid hard rubber - acting as a dampener. The turning platter is a constrained layer sandwich of aluminum and rubber layers - making a dead structure. The direct drive in this unit has very low noise level/rumble and aboslute accurate speed/rotation. Can you get better tables? Yeah, I'm pretty sure you can, but not for 500 dollars for a new table.
If you will go used, you can get some incredible units, though, for 500. Denon has some high end tables from the early 80's, that have tone arms of incredible ability: they have active sensor/actuators that sense arm movement due to record warping as well as dynamic loading differences and certain resonances - this data is sent to a CPU which is connected to active motion units that feedback into the arm to cancel these errors. Combined with very high quality accurate drive systems, these were some very fine grade turn tables. There are also some other very high quality tables from other makers, such as Pioneer(though the good ones are extremely rare - amost all of the vintage Pioneer TTs on ebay are mediocre units) and even Sony. The high end TTs from the major players with huge development funds and advanced technology really paled the current high-end units available today that are developed on shoe-string budgets in comparison.
Slightly off topic: I often wonder just how 'bad' the Technics Sl1200 arm really is..... I plan to eventually get one simply to record it's output, next to my Marantz TT-15S1(a table using the ClearAudio Satisfy arm - supposedly a very high grade TT arm that costs $1200 by itself), using the same cartridge installed on both tables. I want to synch these recordings and attempt to identify them in double blinded testing using ABX software. It should be interesting. Of course, I hope that the Satisfy arm is a difference, since my TT was so expensive, compared to a 'lowly' SL1200MK2. But I would not really be surprised if they sounded identical, or at least so close it does not matter, simply because so many things in the audiophile world are over-hyped.
Chris