All of the above.
Converting vinyl to digital is a time consuming and often painful process.
It isn't good to go away and leave it running...
You need reasonable software to process the tracks, both in terms of splitting tracks up and removing artefacts whilst not adding too many artefacts
^ My bold. In large doses.
I did all my 12" singles this way.
I borrowed a quality Linn deck, bought a stylus for it - (I don't think the £49.99 'Re-live-your-vinyl-collection-via-USB' decks you see advertised in weekend supplements, are likely to fill your ears with joy), ran it through a Sony 3-head tape deck to (I think) control the levels, and used (I cannot remember which) software on the Mac to burn them to CD, and subsequently convert them to MP3. ( I did this about 12 years ago so my memory of it is rubbish)
The vinyl-to-CD conversion was acceptably successful.
I wouldn't consider running the subsequently converted to MP3s through my No.1 stereo, while I have the same CDs to hand.
The difference is very noticeable.
I'm glad I did it.
I wouldn't want to have to do it again.
I must've had more time on my hands then.