+1 To Robbie, I've never spent $1200 on a complete bike, so I am probably the wrong guy to ask. In the user market, $1200 buys a lot of bike (in the new market, $1200 is basically one or two steps up from entry level, just another reason used makes a lot of sense).

In the used market, I always recommend people buy one complete. Even if the components are not what you are looking for, any of the higher end component groups have good value. And the sale of the surplus parts can help subsidize your build (or help your bike fund, pay for tools, or whatever).

I have found that it is always easier to spend $$ than to find more of it. By looking aggressively, you could find a really special bike out there.