Black Knight 2000 is the game at least, for me it is. It was actually the game that got me seriously into playing Pinball back in the 80s. The sound package on that (same guy who did Mortal Kombat) is simply amazing. When you get it really hopping and the music picks up, well I've never played a Pinball that 'rocks' quite like it. The game itself isn't terribly deep, but like the original it's a lot of fun and pretty fast moving when you get into the "zone" hitting U-Turns and such. There is the upper playfield, the draw bridge and a few multi-balls to keep it interesting. I've never grown tired of mine at least. I know it does get a bad rap as being almost entirely a 'right flipper' game, which also turns some people off.
A price at $1,200 is very reasonable on this one. Although as others have pointed out it has somewhat of a love/hate relationship with some players it's still one of the most popular pins from that timeframe. I paid around $1k for mine almost 8 years ago and was pretty happy with that. I've seen really nice examples hit anywhere from $1,500 up to $2,000 on the high end. I'd suspect any that sold for significantly less than $1,000 - $1,200 to have probably been in bad or below average condition.