Hi Denom!
I'd be hard pressed to come down on either side of the fence. In fact, this was the very question in my mind when Gobble asked for opinions on the Rega RP1 in the group buy thread.
Both tables have good tech going for each. The project however has a motor pod that's completely decoupled from the main plinth. Which would substantially eliminate motor vibration reaching the record. How much of an edge this offer the project over the Rega's platter and arm? Not too sure, would be tough to say without having heard either.
The best advice I can give you is to research both tables. Each table would have a unique sound signature. I think Projects aim more for the neutral and Regas aim for being more rhythmic and driven. You can't go wrong with either, but if you figure out the sound signature you're more likely to find out which one you'd have a greater chance of liking, given your individual tastes. Given the budget a potential buyer has, he would not be likely to go out and buy an expensive mc cart in the 12000 bucks range, more like the 5-8k range, so as far as cart upgrades go I think both would do decent with upgraded carts. Projects really focus all their money on no-nonsense tables, live with them and you realize there are no extra frilly parts around. They deserve their wide spread budget level domination, so tough call buddy
Regards
steve