Y_F: Well, you wouldn't rip via microphones anyway, but via the line-level input - i.e. directly from the line-out of a phono stage or via the tape/record output of a pre-amp/integrated amp/receiverto the line-in of the PCM-M10. Iirc, in the review by German Stereoplay magazine the SNR directly to the medium was 98 dB - roundtrip (i.e. line-in to line/headphone-out) it's a couple of dezibels less (foremost due to the somewhat lower output voltage compared to for example a dedicated CD player for home use...). So one could say its recording quality isn't far above CD quality (extended frequency response with 96 kHz sampling rate aside, of course), but that's anything but bad for a little, protable recorder, which isn't significantly bigger than a box of cigarettes. And it's also still easily good enough for record ripping, although one could certainly squeeze out a tiny bit more quality by using a higher quality digital recorder (like for example the Tascam DA-3000) or higher quality soundcard or external sound-interface - that wouldn't really be significant, however, as the recording quality will be foremost limited by record noise (as well as phono-stage noise to a lesser degree).
So just hook the little Sony to your system and give it a try. You'll probably be positively surprised. It's really a pity that the PCM-M10 has been discontinued, though, as in my view it so far was the best among the very compact digital field recorders for hifi use. Gladly enough I've still bought mine in time...
Greetings from Munich!
Manfred / lini