I heard both when auditioning for a new player a few months ago and like the Rega much more. I didn't think the Arcam was much better than what I had.
I ultimately bought better cables for what I had (outlaw's) and was as happy with the new sound as I would have been with a new player. I spent the $500-700 I was looking to spend on the 1050 instead.
If you don't already have good analog cables, give the Outlaw's a try. They're cheap as far as these things go, and I was really impressed by the difference.