@catsound B&O has gone through many phases of acceptance over the years, in the 70's and 80's they had a very high reputation which was more than a little based on hype and form over function so in the 90's B&O equipment was pretty much worthless, now it is again trading on that high reputation and very fashionable.
As @AGBsaid the biggest drawback with B&O turntables is the cartridge as you can only use a B&O cartridge and in your case an MMC 1, 2, 3, 4 or 5 with the lowest number being the highest spec, the rebuild cost for an MMC4 or 5 the last time I had one rebuilt was 99 Euro's plus postage so from the US budget around $140. The only other thing you might need is a new belt and these can be had for a couple of bucks.
As to whether its any good well opinions vary and like most manufacturers that have been at it a long time some B&O turntables are very good ranging down to at best average, yours is toward the average end but that isn't necessarily a bad thing because a lot of what is available new now is worse that average in comparison so with a good stylus in it will still sound better than something like the Teac TN300, any of it's direct competition and anything that is in a lower price bracket so even if the cartridge is toast for a comparable new turntable you would need to spend quite a bit more than the cost of rebuild to get better performance in something new.
If you do need to get the cartridge rebuilt then I can wholeheartedly recommend these people, I've used them on more than a few occasions with superb results.
http://schallplattennadeln.tonabnehmerservice.de/b-o-info-d/mmc-retipping-english/
If it were mine I'd keep it and look to getting the cartridge rebuilt and would look at getting the rest of the system B&O as it will make connection and use a lot more simple, so a Beomaster like the Beomaster 2200 or anything from the Beomaster 1900 family or possibly a Beocenter that has tape decks rather than a built in turntable like the Beocenter 4000 but with this one you would need an adaptor for the connections as it uses the more normal 2 RCA Phono's to connect the turntable rather than the 7pin din connector that is standard for B&O
OK So B&O TT's are great ... HOWEVER... its a proprietary Cart and Stylus.. you cant just buy any ol cart... and the new one are crazy expensive...
as for preamp and reciever in one.. .any of the stereo only receivers SHOULD have a phono pre (just make sure you ask the sales guys if they have a phono input) ... i know yamaha has a 2CH with phono for around $300 AUD.
NOW you need to connect it via a conversion cable which is a 7pin DIN to RCA (if you arent using a Beo Sounds System) .. not hard to get, but anything with B&O on it will cost $$$$$$
