I started my [expensive] adventure into moving coil cartridges with a Phonobox S. While it sounded OK in MM mode, there was very audible thermal noise/hiss in MC mode.
And with several different MM cartridges, I could never hear a difference with the different options for setting impedance and capacitance.
This was a dual mono design, unlike the E. The sound was very clean (with MM), and polite. Almost elegant. But not really engaging or dynamic.
If I had to do it again, I would either buy the cheapest stage out there (ART DJPre-II, or this Project E), or go big with a real quality item.
Personally, I have spent most on an MC cartridge (Benz-Micro Wood), then phono preamp (Benz-Micro Lukashek), then turntable, then amp, then speakers (my weak link). FWIW.