Yes, I have a turntable that connects to the computer, and I've converted a bunch of albums to Mp3. Seventy dollars is a very good deal, as mine cost about twice that much.

For me, there was some time involved in using the included software (Audacity, which I believe is also available online) to break up the tracks so I could import them as individual songs into iTunes. But if you're just planning to record a CD, I would imagine that you could skip that step.

The other thing to keep in mind is that any skips and crackles are recorded. The software can "brush out" the crackles a bit, but the skips are there forever. I actually find the minor glitches kind of charming--they remind me of the old days when vinyl was the entire show.

In short, I'd say go for it! You can listen to the CDs and avoid more wear and tear on the vinyl.