You definitely don't need the Pure Vinyl software, for me it makes sense as it allows me to use a pro audio interface as a MC phono preamp and a ADC and a DAC, so it ends up cheaper in the long run.
For the 20 or so LP's I've digitized at 44.1 just to get on my iPod, I used software I had on hand or that came bundled with the Instant Music Now ADC, and the results were very good.
As SRB noted, different program's noise/click removal quality varies, I tried a few and found that for some, the artifacts were worse than what they were removing, or it was too time intensive to be worth it for me. It seems like if you are trying to stay on budget something like the ART would be fine. If you have noisy records that is probably the limiting factor in quality rather than the resolution of the digitized file.
You'll just have to experiment with the software to see if you find a setting that removes enough of the offensive clicks and pops without effecting the music too much.
I was very happy with my results just using my regular phono pre-amp and the cheap Instant Music Now ADC - I think that you are looking at fairly subtle improvements for a lot more money as you move up in price.
Jim C