That's right, Dude - the Shure is perfectly compatible with the 990's PHONO input. As for "missing anything", the sound should be fine (assuming your used cartridge's stylus is undamaged), if my experience with an Audio Technica cartridge is any guide, and this AT didn't have the reputation - nor the price! - of the Shure V15. Of course there are plenty of standalone phono preamps, some costing more than 12 times the price of the 990, and I am sure many of them will outperform the 990's phono preamp section: more detail, better extreme bass and highs, stereo imaging, etc. It's a pay for what you get world, and sometimes you even get what you pay for. Best.